The US Securities and Exchange Commission (SEC) has acknowledged the Spot Bitcoin ETF applications submitted by asset management giants BlackRock, Fidelity, VanEck, WisdomTree, and Invesco, according to Bloomberg reporter James Seyffart.
While this positive development does not indicate impending approval or rejection, it shows that this application has taken another step forward, now SEC enters into a deliberation process and this process takes almost 250 days.
The influx of spot Bitcoin ETF applications has increased in the past month, leading asset management firms like Blackrock and Fidelity also developed their own Bitcoin Bitcoin Exchange-Traded Funds (ETFs). Now, their application is also acknowledged by the SEC as the processes moves for further consideration.
On 14 July, Bitwise’s Spot Bitcoin ETF was also Acknowledged by SEC, all this development represents a significant milestone in the cryptocurrency industry’s pursuit of spot Bitcoin Exchange Traded Fund (ETF) approval.
