The US Securities and Exchange Commission (SEC) may launch consideration of the bitcoin-ETF application filed by VanEck, SolidX and Cboe BZX this week.
The bitcoin-ETF application is reportedly expected to be published in the Federal Register on Wednesday, and this date is likely to become the starting point for its consideration. Under the effective rules, the public will have 3 weeks to submit their comments while the Commission will have to make a decision on this request ( to approve, reject, or require more time for consideration) within a 45-day period.
For reference, Bitwise Investment Management and NYSE Arca whose application also waited for the publishing in the US Federal Register was eventually registered on February 15, so the Commission has time until early April to approve, decline or postpone it.
Notably, the VanEck/SolidX ETF application is currently placed in the Public Inspection section of the Federal Register, and it yet to be officially included in it. The publication is said to be slated for February 20.
VanEck and SolidX Bitcoin-ETF initially submitted their Bitcoin ETF last year. The market participant considered it as one of the most promising. However, it was reported earlier the companies decided to withdraw it amid the longest shutdown of the US government, while the new application was filed in late January 2019.
In case of a positive determination, it may improve the liquidity of the bitcoin market amid signs of its recovery. Nevertheless, there is also another possible scenario suggesting an extension of the deadline for the consideration (up to three times), so in fact, the process can take months.