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The United States Securities and Exchange Commission (SEC) may make an initial decision by April 5 on not one but two different ETF proposals by Bitcoin.
A proposed ETF bitcoin proposal (for the second time) by VanEck, SolidX and the Cboe BZX Exchange is expected to be officially released Wednesday in the Federal Register, giving the kickoff of the initial 45-day deadline for approval, rejection or extension. The proposal was first posted on the SEC website on February 13.
Once the proposal is officially published, the general public will have three weeks from February 20 (ie until March 13) to file their initial responses. Then, the SEC will have an additional three weeks, until April 5, to make a decision or give an extension.
For the moment, the proposal appears in the Public Inspection section of the Federal Register website, which means that it has not yet been officially released. As the current page indicates, "only official editions of the Federal Register provide legal advice to the public and judicial notice to the courts," while the most recent version of the proposal itself states that it must be published Wednesday.
The VanEck / SolidX proposal will join the proposal filed by Bitwise Investment Management and NYSE Arca, published in the Federal Register on February 15, which means that the SEC has until the beginning of April to make its decision or return it. see you later.
The Bitwise / NYSE Arca proposal had already been filed last year and was to be the first proposal to be approved by the US securities regulatory authorities. However, this proposal was withdrawn during the longest closure of the US government and resubmitted at the end of January.
If approved, an ETF could potentially bring new cash bitcoin market that is starting to show signs of recovery. However, it is important to remember that the SEC can agree to up to three extensions for any rule change proposal, which means it may take months before the final decision is made on one either of the ETFs.
First comments
Although the official comment period is not yet officially open, the VanEck / SolidX proposal is already receiving comments.
The first filing response, listed by Sam Ahn at Hana Trading, asks how companies define the intrinsic value of bitcoin. The issue of intrinsic value is important for investors who might consider subscribing to an ETF, says Ahn.
Ahn's response refers to the previous seven answers to different ETF proposals, all of which question the intrinsic value of Bitcoin.
Gabor Gurbacs, Head of Digital Asset Strategy at VanEck, declined to comment on this response.
Image of Gabor Gurbacs via CoinDesk Archive
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