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CBOE files 19b-4 form to kickstart SEC’s ETF review process

  • CBOE files 19b-4 form with the SEC, acknowledging the Wise Origin Bitcoin ETF
  • The SEC will start reviewing the ETF application and has 45 days to decide
  • The US SEC is yet to approve any crypto ETF application

The United States Securities and Exchange Commission (SEC) usually has an initial period of 45 days to decide on an exchange-traded fund (ETF) application after it starts reviewing it. CBOE has helped kick-start that period by completing the 19b-4 form with the regulatory agency.

CBOE exchange files 19b-4 form with the SEC

Cboe BZX Exchange filed a 19b-4 form with the SEC yesterday, officially acknowledging its support for the Wise Origin’s Bitcoin ETF application. Following the filing, the US SEC will begin considering the application. They will now have 45 days to make a decision. However, the SEC can choose to extend the review period for an additional 240 days.

The 19b-4 form is used to inform the SEC of a proposed rule change by a self-regulatory organization (SRO). Wise Origin filed a similar Bitcoin ETF proposal last March. The regulatory agency needed an exchange partner like Cboe or NYSE Arca to submit a corresponding 19b-4 form before it starts considering the application.

Since CBOE has now filed the form, it has automatically kick-started the review process for the Wise Origin Bitcoin ETF. The SEC has yet to approve a single Bitcoin ETF proposal in the United States. However, several analysts and market experts expect a Bitcoin ETF to be available some time this year. In fact, cryptocurrency enthusiasts are confident about the new SEC regime headed by Gary Gensler.

SEC to review nine Bitcoin ETFs and an Ether ETF

The US SEC has a lot to deal with in the cryptocurrency space over the coming months and years. In addition to the Wise Origin Bitcoin ETF, the SEC will review eight other ETFs. SkyBridge, VanEck, NYDIG and Galaxy Digital are some of the other firms to file a Bitcoin ETF application with the SEC.

VanEck filed the first Ether ETF in the United States last week. If approved, retail and institutional investors will gain exposure to the second-largest cryptocurrency without directly owning the crypto. While the US has not yet approved a Bitcoin ETF, Canada has recently authorized a few as well as approving three Ether ETFs.

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