The United States Securities and Exchange Commission has accepted Valkyrie’s Bitcoin (BTC $30,093) exchange-traded fund (ETF) proposal for an official review, stated Cointelegraph.
With insights from SEC’s Nasdaq rulemaking list, the proposal for the review was made official on July 17, 2023, Cointelegraph added.
Sources revealed that Matthew DeLesDernier, Deputy Secretary, SEC, explained that Nasdaq refiled for a proposed rule which allowed the listing of a spot Bitcoin ETF by Valkyrie on July 3, 2023. “The trust will only hold Bitcoin, and will, from time to time, issue baskets in exchange for deposits of Bitcoins and to distribute Bitcoins in connection with redemptions of baskets,” DeLesDernier explained.
It is expected that the public can submit feedback on the proposal by August 7, 2023. Supposedly, SEC will get about 45 days from the time of publication of the notice in the Federal Register and about 90 days for the approval or disapproval of the rule change, DeLesDernier told Cointelegraph.
(With insights from Cointelegraph)