SEC Could Approve the First Bitcoin ETF in Next 45 Days as Review Process Begins

Well, after all the wait and drama surrounding the Bitcoin ETF, the US SEC has finally announced that it is beginning the process of reviewing Bitcoin ETF applications again and has picked up the Bitwise application for initial review.SEC publishes Bitwise proposal in Fed Register on Feb 15Are we in sight of a Bitcoin ETF? Well, there is every possibility as the U.S. Securities and Exchange Commission (SEC) announced it is moving forward with its process for the ETF approval and beginning to review the Bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management on Feb. 11. The proposal itself was published in the Federal Register on Feb. 15, starting the countdown of 45 days which SEC has to make its initial decision on whether to approve, reject or extend the proposal.Even though NYSE Arca and Bitwise had filed the application at the start of 2019, there was no way ahead because of the US government shutdown. But all seemed to back on track now as the Federal Register has been amended on February 15th, 2019 marks the start of the much-awaited process.The process of approval is still lengthy and has several roadblocks, Bitwise Bitcoin ETF has generated quite a lot of hype of being different which could get a nod from the SEC. The proposed ETF gets its valuation from physically settled Bitcoin futures contracts, something that has never been proposed before.