Cryptocurrency investors eagerly awaiting SEC ruling on bitcoin ETFs

cnbc.com:

Crypto investors are eagerly awaiting an imminent ruling from the SEC that will likely approve the trading of a spot bitcoin ETF, more than a decade after initial attempts were rejected. 

13 companies have filed for a spot bitcoin ETF: 

There are two components to the applications:

1) A 19b-4 filing, which is a form used by exchanges to inform the SEC of a proposed rule change. In this case, a rule change is required under the Securities and Exchange Act of 1934 because a spot bitcoin ETF is a new product, and the exchanges (NYSE, Nasdaq and Cboe) must provide rules to explain how the product will trade. The SEC must approve the rule changes before the product can trade.  This is the filing that is facing a deadline of January 10th for the Ark/21 Shares Bitcoin Trust. 

2) Approval of S-1. This is a filing to register a new security with the SEC, in a document that provides information about the specific security. In this case, each company filing for the spot bitcoin ETF has differences in the way the product might be structured. In the case of the Grayscale Bitcoin Trust, an S-3 filing must be approved, which is a simplified security registration form for businesses that have met other reporting requirements. 

It's widely anticipated that once the 19b-4 filings are approved, the SEC will separately approve the S-1 applications of all the ETF applicants at once. However, because the applications are different, that is not a slam dunk: the SEC may decide to approve some, but not all, of the S-1s. 

With 13 companies filing for a bitcoin ETF, all of which are similar products, there is substantial interest in what the fee structure will look like. 

Fidelity's Wise Origin Bitcoin Fund has announced it will charge 39 basis