Bitcoin ETF: NYSE Arca starts the countdown to acceptance

[Paha87]

The U.S. securities and exchange Commission (SEC) announced that it was beginning consideration of the bitcoin-ETF proposal filed by NYSE Arca and Bitwise Asset Management on February 11, and the proposal itself was published in the Federal register on February 15. This means that the regulator has 45 days to make an initial decision on whether to approve, reject or extend the proposal.

The SEC has a maximum of 240 days to make a final decision on whether to approve or reject the ETF.

Members of the General public wishing to respond to a proposal to amend the rule have three weeks to submit any comments. Many bitcoin ETF supporters believe that these funds will bring new investors and increase liquidity in the market.

NYSE Arca and Bitwise announced their focus on launching bitcoin ETFs earlier this year by submitting an application on the same day. However, due to the closure of the government, the SEC does not publish registrations in the Federal register, which means that the Agency has not considered this proposal before.

The situation changed on February 15, when an entry appeared in the SEC registry and a countdown opened. The securities and exchange Commission has not yet approved bitcoin ETFs, rejecting several other applications or asking to withdraw their offers. However, SEC Commissioner Robert Jackson recently stated that he believes one of them will be approved "eventually," expecting that sooner or later the proposal will meet all of the regulator's recommendations.

Read on: SEC Chapter: bitcoin approval-ETF-it's a matter of time

Most recently, VanEck and SolidX withdrew a joint offer filed with the Cboe BZX Exchange in connection with the recent closure of the US government. The proposal, first submitted in 2018, had a final decision date of 27 February and was generally considered the best candidate for approval.

However, the conversations between the proponent of the exchange product and the regulators stopped as a result of the closure, and VanEck CEO Ian van Eck explained that firms think it would be better to pull the offer and re-apply later than to hope it would be approved.

Read on: why VanEck and SolidX withdrew bitcoin-ETF offer?

Although the SEC has published VanEck / SolidX's proposal, which re-submitted its application, it has not yet appeared on the regulator's website in the Federal register, which means that the hours for reviewing this ETF have not yet begun.

Link (Russian) - https://altstake.io/news/bitkoin-etfnyse-arcanachinaet-obratnyy-otschet-do-prinyatiya