The US Securities and Exchange Commission (SEC) has, for the first time since August, more than one bitcoin exchange-traded fund (ETF) proposal on the table to review. This, as it recently started the clock for the resubmitted VanEck-SolidX proposal filed on January 31.
As first spotted by CoinDesk, the bitcoin ETF proposal has now appeared on the Federal Register, which officially kicks off the 45-day period the regulator has to make an initial decision. Within it, the SEC may approve, reject, or extend the proposal, to be able to make a final decision in up to 240 days. Members of the public looking to file responses now have three weeks to comment.
As recently covered, the SEC published a bitcoin ETF proposal filed by Bitwise Asset Management with NYSE Arca last week. Speaking to CoinDesk Gabor Gurbacs, director of digital asset strategy at VanEck, noted he believes a bitcoin ETF will serve public interest.
Per his words, he has been working with regulators and other market participants to bring “simplicity, transparency, and professional market standards to digital assets.” He added:
I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
Matt Hougan, Bitwise global head of research, told the news outlet that the crypto ecosystem is “evolving very rapidly,” which may help a bitcoin ETF get approved. Notably, SEC commissioner Robert J. Jackson Jr. has revealed he expects the financial product to “eventually” be approved.
Hougan added that despite the crypto bear market, which has been the longest one since bitcoin was born a decade ago, there have been various developments in the space, and various firms dipping their toes into it.
A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
A lot of cryptocurrency enthusiasts believe a bitcoin ETF will benefit the market, by bringing in institutional investors and increasing its liquidity. The SEC, however, hasn’t yet approved an ETF, and has in fact rejected several applications.
