The first deadlines for the US Securities and Exchange Commission to decide on applications for several Bitcoin ETFs will soon expire. Hopes rest on the new head of the agency, Gary Gensler.
With Valkyrie Digital Assets, the next candidate is getting ready for an exchange-traded Bitcoin fund (ETF). The New York Stock Exchange (NYSE) has a corresponding one Form type 19B-4 Filed on behalf of the investment firm on Friday. This form now initiates a 45-day review period. This applies as soon as the US Securities and Exchange Commission confirms the filing. Within those 45 days, the SEC must either approve or deny the request. However, it can also happen that the examination period for this Bitcoin ETF is extended. The SEC has resorted to this method several times in the past.
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It’s something I’ve wanted to do for five years. It was only recently, however, that I believed the SEC would likely approve a Bitcoin ETF. So we started working on it in earnest around August.
Steven McClurg, Valkyrie Investments Chief Investment Officer
In the past, the SEC has denied every Bitcoin ETF application. The hopes of the applicants as well as many potential investors now rest on the new SEC chairman Gary Gensler. He could well change the regulator’s crypto course. Gensler is the former chairman of the Commodity Futures Trading Commission (CFTC) who has held crypto and blockchain courses at MIT for the past several years.
Bitcoin ETF already extremely successful in Canada
The pressure on the SEC has recently increased, not just since the success of several Bitcoin ETFs in neighboring Canada.
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Valkyrie is at least the fourth company to submit a 19B-4. VanEck had previously submitted an application on March 1st. The SEC confirmed receipt of Form 19B-4 on March 18. Since the 45-day examination period expires on Thursday, April 29, a first decision could be made if the authorities do not grant a delay.
The SEC is also reviewing WisdomTree and Kryptoin ETF applications. The SEC only released on Thursday a notice on the subject of cryptoin. It states that she will start evaluating the cryptoin Bitcoin ETF Trust. The application was submitted by Investment Advisors to the Cboe BZX Exchange. Kryptoin had previously tried to launch such an exchange-traded fund. However, the US Securities and Exchange Commission rejected the application for a Bitcoin ETF in 2019.
The immense advantages of a Bitcoin ETF approval in the USA for the entire crypto community was also the subject of our Friday comment.