- The SEC has initiated the review process for Bitwise’s proposed spot Bitcoin ETF, with a 240-day countdown for ruling on the proposal; similar funds from BlackRock, Fidelity, and others are anticipated to follow suit.
- The SEC faces a key decision by August 13 to either approve, reject, or postpone a Bitcoin ETF proposal from 21Shares and Ark Invest, marking a significant moment in the Bitcoin ETF movement.
As the fervor around spot Bitcoin ETFs reaches new heights, a pivotal time awaits potential issuers and market observers, given the US Securities and Exchange Commission’s (SEC) ongoing examination of recent applications.
Tracking the Bitcoin ETF Clock
Earlier this week, the SEC triggered the countdown for a verdict on Bitwise’s proposed spot Bitcoin ETF by officially adding it to its federal register. This move sets the SEC on a 240-day path to pass a decision. Parallel proposals from industry stalwarts like BlackRock and Fidelity are expected to be subject to a similar review process shortly.
Amid all these developments, many are attentively observing the timeline for BlackRock’s prospective spot Bitcoin ETF, perceived by some to be the frontrunner in this race. An unrelated deadline in mid-August, however, could potentially send signals to BlackRock and other issuers.
A Pivotal Decision for Ark Invest and 21Shares
August 13 marks a critical day in the calendar for the Bitcoin ETF by 21Shares and Ark Invest. The SEC must decide whether to approve, decline, or delay the proposed ETF by this date. This decision denotes the second phase in a 240-day process broken into four segments of 45 days, 45 days, 90 days, and 60 days, respectively. The SEC has no option to extend the time limit upon reaching the 240-day mark, scheduled to expire on January 10.
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After a previous application rejection in March 2022, the SEC has begun to review the latest proposal from the Switzerland-based 21Shares and New York-based Ark Invest, filed in April. The SEC’s initial decisions often provide insights into its future approach towards the proposal, according to industry insiders.
What Lies at the Heart of the Bitcoin ETF Filings
The cornerstone of active spot Bitcoin ETF filings is a surveillance-sharing agreement (SSA). An SSA is intended to prevent manipulation in Bitcoin ETFs. According to a June 15 filing, Nasdaq expressed readiness to establish an SSA with a US-based spot trading platform for Bitcoin. It later amended the filings to designate Coinbase as the platform. Other institutions, such as Cboe on behalf of Ark Invest and 21Shares, announced similar agreements with Coinbase.
In conclusion, the Bitcoin ETF race is heating up, with significant deadlines approaching. How the SEC’s decisions and timing play out will shape the trajectory of this fascinating development in the blockchain and finance space.
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