The U.S. Securities and Exchange Commission (SEC) has opened a brief window for new applicants to submit their applications to become the first Bitcoin exchange-traded fund (ETF). The approval window will be open for just 90 days, giving applicants a better chance of getting approval by January 2020.
The window opens as the cryptocurrency industry is pushing for the SEC to become more open to the idea of a Bitcoin ETF, which would allow investors to access the cryptocurrency markets in a new, safe, and regulated way. According to SEC commissioner, Hester Pierce, the window is a sign that the SEC is sympathetic to calls from industry leaders to make more progress in this direction.
According to industry experts, a Bitcoin ETF could herald a new era of mainstream adoption and provide new access and liquidity for the cryptocurrency market. It could also appeal to traditional investors who have hitherto stayed away from the cryptocurrency market due to its perceived risks. However, the application process still faces a myriad of legal and technical obstacles. The window for applications does provide hope that something positive may come out of the process soon.