SEC’s Decision on Spot Bitcoin ETFs Could Go a Few Different Ways: WSJ

Approval would be a two-step process: The SEC has to greenlight the filings known as 19b-4s from the exchanges that outline the rule changes permitting the new class of funds to trade, and make the registration statements from the asset managers effective, before the funds can start trading.

Four scenarios that could play out Wednesday:
1. The SEC approves all 11 applications simultaneously
2. The SEC rejects all 11 applications
3. The SEC could approve or reject some of the applications while delaying its decisions on others.
4. The SEC approves the filings from the exchanges, but stalls on S-1 and S-3 filings from asset managers

*Wednesday’s deadline is for the review of Cboe’s 19b-4 filing submitted on behalf of ARK and 21Shares. That means that the agency’s two divisions could be working on different timelines, leaving the funds in limbo if their registration statements aren’t declared effective.

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