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The United States Securities and Exchange Commission is under pressure to accept spot Bitcoin ETF applications as deadline looms. 
They have already accepted BlackRock’s refiled application sparking speculation that approval could be granted. Deadline For Approvals On The Horizon 
The clock has started ticking for the United States Securities and Exchange Commission (SEC) to approve or reject BlackRock’s application for a spot Bitcoin exchange traded fund. According to the SEC’s official calendar, BlackRock’s application for a spot Bitcoin ETF will be published in the Federal Register and kickstart a 21-day comment period. The application has been added to the SEC docket as part of the rule change process. 
The development is a significant milestone for the application being considered by the Securities and Exchange Commission. The world’s largest asset manager had submitted its original application in June. However, the Securities and Exchange Commission knocked back the application, prompting BlackRock to amend it. The updated application included a “surveillance sharing” provision with Coinbase, addressing one of the SEC’s primary concerns with the initial application. More Bitcoin ETFs In The Pipeline 
BlackRock has over $9.4 trillion in assets under management and is known for obtaining ETF approvals. As a result, the asset manager’s initial application for a spot Bitcoin ETF sparked a rush of applications from other firms looking to do the same. If the ETF is approved, BlackRock customers will be able to invest in Bitcoin without having to hold the token. Instead, these assets can be traded on traditional stock markets. The Securities and Exchange Commission has already approved the first Bitcoin Futures ETF. 
The Securities and Exchange Commission also has to decide on other applications apart from BlackRock’s for a spot Bitcoin ETF. These include Bitwise’s Bitcoin ETP Trust’s application which was included in the Federal Register on Tuesday. The other applications under consideration are WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, and Fidelity’s Wise Origin Bitcoin Trust. 
The Securities and Exchange Commission had published documents for public consultation on Bitcoin ETFs last week. However, the review process officially starts when the filings are included in the Federal Register. The initial deadline for approval or rejection is 45 days but can be extended to 240 days. Additionally, there is no guarantee that the SEC would approve any of the applications filed. However, BlackRock’s application has led to considerable optimism surrounding approval. Other applications have already hit the Federal Register, with the ARK 21Shares Bitcoin ETF included in the register on the 15th of May. However, the SEC extended the approval deadline in June. Meanwhile, Valkyrie’s application for a spot Bitcoin exchange traded fund has not yet been listed on the Federal Register. Europe’s Spot Bitcoin ETF 
While American regulators are still considering approval, Europe has moved ahead, with its highly anticipated and long-delayed spot Bitcoin exchange traded fund set to debut later this year. The ETF was filed by London-based multi-asset investment platform Jacobi Asset Management and was originally set to debut on the Euronext Amsterdam Exchange in July 2022. However, the launch was delayed indefinitely thanks to unfavorable market conditions caused by the collapse of the Terra ecosystem and the FTX exchange. 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

SEC Faces Deadlines For Spot ETF Applications As Pressure Mounts

Crypto Daily™

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