In less than a week, the U.S. Securities and Exchange Commission (SEC) has accepted a second application for a Bitcoin ETFT.
The Valkyrie Bitcoin Fund, Valkyrie’s proposed spot Bitcoin ETF, was added to the SEC’s official docket on Monday.
It comes after the SEC acknowledged BlackRock’s request for a spot Bitcoin ETF last week on July 13.
On June 21, barely five days after BlackRock’s ground-breaking ETF proposal, Valkyrie resubmitted its dated
Bitcoin ETF proposal.
The financial services company chose the ticker ‘BRRR’ for its ETF, making reference to a meme that depicts the sound of printing money.
By adding the cryptocurrency exchange Coinbase as a so-called “surveillance-sharing” partner to its submission on July 5, the company once again followed BlackRock, potentially tying the fate of the two ETF applications together.
One of the steps in the regulatory process is the opening of the comment period when the proposal is placed on the SEC’s official calendar.
The general public and other institutions have the chance to voice their opinions about the ETF during this time, including feedback on the ETF’s possible market effects, investor protection policies, and other pertinent issues.
The SEC’s deadline states that the comment period will close 21 days after it is published in the Federal Register.
The SEC will review the ETF proposal after the comment period is up and may require more details from the applicants before reaching a judgement.
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