http://insidebitcoins.com/news/barry-silbert-plans-to-have-bitcoin-fund-traded-on-nasdaq-or-nyse/32161Our plan is to have [the Bitcoin Investment Trust] listed on either NASDAQ or New York Stock Exchange as fast as possible. We have selected a law firm to go through the registration process with us, and we intend to file with the SEC . . . as soon as possible. We will then be in the same boat as the Winklevoss brothers.
Assuming they file right now would there be a chance they can beat COIN out the gates or would their filing have to go through the same long process?
It is not just a bureaucratic process. The SEC has to decide whether they will allow the fund to be traded or not. It is not surprising that the SEC is still undecided, because it is the first fund whose only backing asset is a virtual currency with no backing asset.
If BIT can convince the SEC that they are better than COIN in some relevant sense, I suppose that they could be approved before COIN. Or, even, BIT may be approved and COIN denied, or vice-versa.