The U.S. Securities and Exchange Commission (SEC) has announced they have begun their review of the bitcoin exchange-traded fund (ETF) proposal filed by Bitwise Asset Management and NYSE Arca.

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The regulator will have 45 days to make a decision whether to accept, reject, or extend the proposal.

The SEC is seeking public comments regarding the bitcoin ETF for the next three weeks.

Bitwise and NYSE Arca announced their intention to launch a bitcoin ETF earlier this year, however, the recent partial government shutdown halted the SEC’s examining processes.

Recently, SEC commissioner Robert Jackson stated he believes a bitcoin ETF will be approved “eventually.”

Blockforce Capital’s Reality Shares ETF Trust has stated they will be withdrawing their exchange-traded fund proposal for bitcoin futures after pressure from SEC employees.

A lawyer for Blockforce Capital stated that Under the Investment Company Act of 1940, the proposal would have been approved automatically after 75 days, which was only two weeks away at the time, and was the main concern of the SEC.

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