Here are the list of steps involved in getting a Bitcoin spot ETF (Exchange-Traded Fund) approved by the US SEC (Securities and Exchange Commission):

Bitcoin ETF approval

1. Filing a Registration Statement✅
   

   ETF sponsors, typically financial institutions or asset management firms, must file a detailed registration statement with the SEC. This document includes information about the fund’s investment strategy, risks, financial health, and other relevant details.

2. SEC Review✅
   

   The SEC reviews the registration statement to ensure compliance with securities laws. This involves a thorough examination of the fund’s structure, operations, and compliance with regulatory requirements.

3. Comment Period✅

   The SEC may issue comments or requests for additional information during the review process. The sponsor responds to these comments, addressing any concerns raised by the SEC.

4. Amendments and Revisions⏳
   

   If necessary, the sponsor amends the registration statement to address SEC concerns or make any required revisions. This process has been ongoing from January 5, with latest amended 19b-4s and S-1s being filed as of Tuesday. The last date for filing amendments is January 9.
   Read more: Latest Bitcoin ETF News

5. SEC Approval⏳
   

   Once the SEC is satisfied with the information provided and any required changes have been made, the regulatory body issues a formal approval for the ETF.
   The amended 19B-4s and S-1s are reviewed by the SEC and the ones that fit the criteria are accepted and sent forward for approval, while unaccepted filings are likely delayed or rejected. The SEC is likely to approve Bitcoin ETF on January 10. If there is any disagreement between the commissioners, the ETF approval decision goes through a voting process.

6. Creation of Market Maker Relationships⏳
   

   ETF sponsors typically establish relationships with market makers, who facilitate the creation and redemption of ETF shares, ensuring that the fund’s market price closely tracks its net asset value (NAV).

7. Listing on an Exchange⏳
   

   After SEC approval, the ETF can be listed on a stock exchange, where investors can buy and sell shares.