The U.S. Securities and Exchange Commission (SEC) has begun its formal review of Kryptoin’s bitcoin exchange-traded fund application, starting the countdown clock for a decision on the proposal.
- The SEC published a public notice Thursday announcing it would begin evaluating the Kryptoin Bitcoin ETF Trust, which the investment advisory filed with Cboe BZX Exchange.
- Kryptoin previously tried and failed to get a bitcoin ETF green light in 2019.
- At the moment, there are nine active ETF applications before the agency, and Grayscale (a CoinDesk sister company) has announced its intention to convert its GBTC trust to an ETF as well. It’s possible the agency may approve multiple ETFs at once to promote competition and to avoid favoring one company over another.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.