The countdown has started on whether or not the SEC will approve another Bitcoin ETF application.
In news out early this morning, the SEC announced (sort of) that it was beginning its review of the latest bitcoin ETF application that has been filed.
NYSE Arca and Bitwise Asset Management filed a bitcoin ETF application on Feb. 11th.
The application was just published today on the Federal Register.
How long until a decision is made?
The SEC now has 45 days until it has to make a decision whether to approve, reject, or extend the proposal.
If history is any indication how the SEC likes to play these things, I think there is a 90% probability that the SEC will choose to extend their decision.
Something that have done with several other notable bitcoin ETF applications.
Actually, it's what they have done with every other bitcoin ETF application for the past 3 years.
How long could they push a final decision back?
There will be several deadlines that come up where the SEC can either approve, reject, or extend over the next several months.
If they choose to push it back every single time, they can drag it out for 240 days in total before they must come to a final decision.
More information about the ETF filing can be found here:
https://cointelegraph.com/news/sec-starts-review-of-nyse-arcas-bitcoin-etf-rule-change-proposal
This one has a decent chance to be approved judging by the names attached to it. NYSE Arca and Bitwise have a lot of experience and history in the ETF industry and in dealing with the SEC.
Fingers crossed.
Stay informed my friends.
Image Source:
https://blockchainstocks.com/nyse-arca-files-proposal-seeking-bitwise-bitcoin-etf-approval/
