With eight different applicants named on an official federal register, the US Securities and Exchange Commission (SEC) Spot Bitcoin ETF approval clock is set to start on Wednesday. Moreover, the regulator has already sought public consultation via a published document released last week.
Asset management giants BlackRock and Fidelity have led an influx of Spot Bitcoin ETF applications over the last month. However, the SEC has never approved the creation of the service. Many have predicted that this could change with the inclusion of traditional financial entities.
SEC Bitcoin ETF Approval Clock Set to Begin
The SEC will officially see its Spot Bitcoin ETF approval clock begin ticking this Wednesday. Moreover, the clock is set to start as eight applications were listed on the Federal Register, according to CoinDesk, following a host of applications filed over the last month.
The clock on the overall review process for the applications will begin when those filings are published on the register. Specifically, the Register is a daily publication of the US government that includes executive orders, regulations, agency rules, and other documents that must be published by law.
The eight applicants for Spot Bitcoin ETFs are from BlackRock, BitWise, Fidelity, WidsomTree, VanEck, Invesco, Proshares, and Valkyrie. These companies are all seeking to provide the first approved Spot Bitcoin ETF in the country. Breaking what has been a long-running trend of rejections from the SEC.
Earlier this week, the SEC acknowledged the applications, setting this process in motion. However, it is important to note that this development does not signal if an approval or rejection is impending. Alternatively, it only notes an important signifier that the process is in motion.