Home Business SEC Reviews Second Bitcoin Spot ETF: Valkyrie Follows BlackRock

SEC Reviews Second Bitcoin Spot ETF: Valkyrie Follows BlackRock

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The US Securities and Exchange Commission (SEC) has accepted a second spot Bitcoin ETF application for review just a week after reviewing the first.

SEC Is Processing Another Bitcoin ETF

The SEC has added Valkyrie’s application for a spot Bitcoin ETF, the Valkyrie Bitcoin Fund, to its official calendar. This comes shortly after the body took up BlackRock’s mock Bitcoin ETF proposal.

The Acceptance of Valkyrie’s Proposal

The Valkyrie Bitcoin Fund is the second spot Bitcoin ETF proposal to be considered by the SEC in a week, following BlackRock’s earlier proposal. Valkyrie resubmitted their proposal, which had been around for a while, on June 21. This came just five days after BlackRock’s innovative ETF proposal was recognized by the SEC on July 13.

Valkyrie chose “BRRR” as the ticker for their ETF, which refers to a popular meme that symbolizes the sound of printing money. In a similar move to BlackRock on July 5, Valkyrie made an amendment to their filing and added crypto exchange Coinbase as a so-called “surveillance-sharing” partner. This move presumably ties the future of both ETF filings together.

Start of the Public Comment Period

With the official listing of the proposal on the SEC’s calendar, the public comment period has now begun. This period is an important part of the regulatory process, allowing the public and other institutions to express their views on the ETF.

Stakeholders can share their views on various aspects of the ETF, such as the potential impact on the market, investor protection measures and other relevant factors.

Per the deadline provided by the SEC, the comment period lasts 21 days from the date of filing in the Federal Register. At the end of this period, the SEC will review the proposal, and may request additional information from applicants before making a final decision.

Conclusion

The increasing pace at which the SEC is reviewing ETF proposals in the crypto market highlights the growing focus on this sector. As the public and other institutions prepare their commentary for the upcoming commentary period, it is clear that the weeks ahead will be important for Valkyrie and BlackRock.

This period will not only provide an opportunity to share opinions and concerns, but may also shape the future of these ETF proposals. It now remains to be seen how the SEC will respond to the feedback and how this will affect final decisions.

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