The Cboe is known to be backing VanEck’s Bitcoin ETF move, which is similarly under consideration by the SEC.
The Cboe BZX Exchange has backed the Fidelity-linked Bitcoin Exchange Trade Fund (ETF) application dubbed Wise Origin Bitcoin Trust. The move was confirmed in a 19b-4 form filed by the exchange and submitted to the United States Securities and Exchange Commission (SEC). Through the move, the Cboe Exchange has crowned the Wise Origin Bitcoin ETF, for which the SEC can now begin its review process.
The number of Bitcoin ETF applications submitted to the SEC is on the rise, as more mainstream investors seek to gain a form of exposure to the fast-growing digital currency ecosystem. While the SEC has been known to reject all of the Bitcoin ETF product applications filed before it prior to this time, there is growing anticipation that recent events in the cryptocurrency ecosystem can stir a shift in the SEC’s cautious position about such products.
There are multi-steps to getting a Bitcoin ETF product floated in the United States. Two of the main requirements involve; the submission of an application with the SEC and the second is the hunt for the right exchange to trade the proposed ETF product. Each of these two requirements has its intricacies and while firms pay their due diligence in turning a well-thought-out application, the search for an exchange partner could significantly delay the entire process.
As reported earlier by Coinspeaker, the Cboe is known to be backing VanEck’s Bitcoin ETF move, which is similarly under consideration by the SEC. While Kryptoin and WisdomTree have also filed with the Cboe for their respective Bitcoin ETFs, Valkyrie is working with NYSE Arca, another option for would-be Bitcoin ETF products.
Time Expectation for the Cboe Wise Origin BTC ETF Approval
The extant laws guiding the review of ETF applications by the SEC make it highly flexible for the commission. The market regulator will have a time span of 45 days to make its first decision about the Cboe and Wise Origin Bitcoin ETF product. Should the SEC choose to postpone its decision, it can only do that for a maximum of 240 days, an option it has known to take over the years.
Typical of the SEC, the VanEck Bitcoin ETF product which was initially billed to receive its decision on May 3rd, will now have to wait until June 17th to get its feedback. The SEC cited the need for more time for the new Chairman Gary Gensler to explore the state of cryptocurrencies and their working in America.
The Gary Gensler factor, and the need to measure up with other major economies including Canada, and some European nations that are already granting access to Bitcoin ETF products. Market analysts believe the US can no longer play second fiddle, especially in a market where a growing segment of the investors is clamoring for these Bitcoin ETF products to be approved.
