The U.S. Securities and Exchange Commission must make a decision on Bitwise Bitcoin ETP Trust by September 1. Regulators can reject, approve or defer a decision. Decisions on applications from BlackRock, VanEck, WisdomTree and Invesco are due just a day late, while the rest of the companies are more delayed.

Cryptocurrency enthusiasts are keeping an eye on the dates, as they expect that this time – unlike past attempts – an exchange-traded fund investing directly in bitcoin will get the regulator’s green light. In particular, many have seized on the fact that asset management company BlackRock has asserted itself in this race – it has a near-perfect track record of launching ETFs.

However, the path to a potential spot fund has been neither easy nor quick.

Many members of the crypto community and its outside supporters have long dreamed of a spot bitcoin ETF. They argue that it would not only make bitcoin investments more accessible to regular investors, but also help bring the digital asset space closer to traditional financial markets. On the other hand, regulators have consistently cited fraud and manipulation as reasons for not approving such a product.

However, the recent hype has allowed issuers to try their hand not only at bitcoin ETFs, but also at more exotic instruments. A number of companies have filed for Ether-futures or Bitcoin-and-Ether-futures-medley funds. Such ETFs are not currently traded in the U.S., and earlier this year the SEC rejected attempts to create an ETF based on Ether futures.

Another potentially positive signal of the SEC softening its stance on cryptocurrency ETFs could be the launch of the Volatility Shares 2x Bitcoin Strategy ETF (ticker BITX). This fund debuted in June and has already raised more than $20 million. It became the first of its kind to begin trading.

The SEC takes 45 days to make a decision on spot fund applications. That is followed by another 45 days, then 90, then 60, for a total of 240 days. According to Seyffarth, a decision must be made within 240 days.