The SEC’s decision on spot bitcoin ETFs could go a few different ways

Cryptocurrency enthusiasts believe the launch of the first US exchange-traded funds containing Bitcoin is a foregone conclusion. But regulatory approval is still not guaranteed, especially in the wild world of cryptocurrencies.

The Securities and Exchange Commission faces a deadline on Wednesday to approve or deny at least one of 11 applications for such funds, which are known as spot bitcoin ETFs. Bitcoin has soared in recent weeks in anticipation of regulatory approval, rising above $47,000, its highest level in about two years.