Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval

cointelegraph.com:

Spot Bitcoin exchange-traded fund (ETF) applications from several firms have been published in the Federal Register, moving them one step along in the United States Securities and Exchange Commission’s (SEC) process.

According to records updated July 19, the Federal Register received notices of proposed rule changes allowing Bitcoin (BTC) ETF applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree. Publishing the applications in the official journal of the U.S. government gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment.

UPDATE: Not much of one though... As predicted and as expected those #Bitcoin ETF applications all hit the federal register today.BlackRock, VanEck, WisdomTree, Fidelity, and Invesco/Galaxy. https://t.co/aAFxK1Rqp7 pic.twitter.com/B9C1oF3yhQ

Publication in the Federal Register was an expected step following the initial filing of the applications in June. Exchanges representing the firms filed amended applications naming crypto firm Coinbase as a surveillance-sharing partner following reports the SEC considered the previous filings insufficient.

The five applications followed one from Bitwise published in the register on July 18, with a spot BTC ETF application from Valkyrie expected on July 21. These dates give the SEC an initial window of 45 days — until early August — to reach a decision, but the commission has the option of extending the process for up to 240 days — until March 2024 — for final approval or denial.

Related: Grayscale lawyers refer to SEC allowing Volatility Shares’ investment vehicle in push for ETF

To date, the SEC has not approved a spot investment vehicle with direct