The U.S. Securities and Exchange Commission could make their initial decision on two bitcoin exchange-traded funds by the 5th of April. The first Bitcoin ETF proposal, submitted by VanEck, Cboe BZX Exchange, and SolidX, is expected to get its formal publication in the federal register by Wednesday. This begins the 45-day stopwatch for the decision; approved, rejected, or extended. This particular proposal was first posted on February 13.
Once the proposal is published the public will have three weeks to submit and file their feedback. From there, it’s another three weeks for the SEC to make a decision. As of this writing, the proposal has yet to be published.
Another proposal joining VanEck is one filed by NYSE Arca and Bitwise Investment Management. The second proposal, published in the federal register February 15, means that the SEC has until the start of April to make their decision. This marks the first time two ETF proposals have been outstanding in Bitcoin’s history.
When the VanEck/SolidX proposal was first filed in 2018, many thought it would be the first proposal approved by the SEC. Unfortunately, the government shutdown at the start of the year derailed this effort. Now that the government is back up and running, the clock is ticking for the SEC to make their decision.
The VanEck proposal is currently getting a lot of positive feedback, this progress coming despite the crypto market being in its longest bear market since bitcoin was born over a decade ago. While the proposal may be overshadowed by price movements, continued development within the ecosystem could see crypto markets mature to the point where the SEC feels comfortable approving an ETF.