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.
- This is the third active bitcoin exchange-traded fund application the federal regulator is evaluating, after VanEck and WisdomTree. The regulator has up to 240 days to approve or deny each.
- 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.