Valkyrie's Bitcoin ETF Awaits SEC Verdict as Review Process Begins

In a span of a week, the US Securities and Exchange Commission (SEC) has taken on for review a second application for a spot Bitcoin ETF.

As of July 17th, the SEC officially put Valkyrie's proposed launch of a spot Bitcoin ETF, the Valkyrie Bitcoin Fund, under its lens. The official acceptance of the application signals the initiation of the evaluation process.

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This comes after, on July 13th, the SEC gave a nod to BlackRock's Bitcoin ETF proposal, marking a pivotal development in the cryptocurrency market.

Valkyrie resubmitted its Bitcoin ETF proposal on June 21st, five days after BlackRock's revolutionary ETF proposal, extending its pursuit of regulatory approval. Valkyrie has chosen "BRRR" as the symbol for its ETF, a title inspired by a popular meme signifying the sound of a money printing machine.

Notably, Valkyrie altered its application on July 5th to include Coinbase as a so-called "surveillance-sharing" partner, closely aligning the specifications of two ETF proposals.

With the proposal now listed on the SEC's official calendar as an essential part of the regulatory process, the public commentary phase begins.

During this period, various institutions and the general public are invited to voice their views on the ETF. The discussions will encompass its potential influence on the market, safeguards for investors, and other factors relevant to its operation.

Per the SEC's established timetable, this commentary phase will persist for 21 days from when its filing appeared in the Federal Register.

Once the commentary period wraps up, the SEC will delve deeper into the ETF proposal's evaluation, which may include requesting supplementary information from the applicant before making a conclusive decision.

The SEC's recent acceptance of Valkyrie's Bitcoin ETF proposal marks a significant milestone in the search for regulated cryptocurrency-related financial products.