The race for spot bitcoin Exchange Traded Fund (ETF) in the United States enters a new phase, as on July 14^th the Securities and Exchange Commission (SEC) formally acknowledges the applications filed by multiple companies.

These acknowledgements, which have been made available on the SEC’s website, mark a noteworthy achievement in the bitcoin industry’s efforts to obtain approval for a spot bitcoin ETF.

The SEC has acknowledged applications from BlackRock, as well as other notable entities such as Fidelity, Wisdom Tree Funds, Galaxy Digital, Invesco US, and VanEck.

Moreover, with acknowledgements being reported for BlackRock today, earlier acknowledgements were reported by regulatory authorities for companies such as ARK Investment and BitWise.

Although these acknowledgments do not indicate whether these applications will be approved or rejected, it is noteworthy to mention the significant advancement they bring about in the application process and a favorable stride ahead.

The SEC will now move on to a deliberation period, which is projected to span over approximately 240 days.

Throughout this period, the regulatory entity possesses the power to make determinations regarding the funds, which may involve granting approval, rejecting, or deferring a decision, as indicated by analysts.

Related reading : Recent Spot Bitcoin ETF Filings Are Inadequate — Says SEC
Related reading : BlackRock, Valkyrie And Others Petition SEC For Bitcoin ETF Approval

The acknowledgment also creates an avenue for the general public to submit comments on the applications.

The SEC’s past reluctance in granting approval for a spot BTC ETF has caused frustration among numerous market participants.

Nevertheless, the recent acknowledgement of these applications show that the SEC is actively assessing the possibilities presented by these investment products.