The US SEC acknowledged VanEck’s 19b-4 Form for its Bitcoin ETF application on Monday, formally kicking off its 45-day window to make an initial decision on the proposal.

If approved, the ETF would be the first open bitcoin exchange-traded product in the US. Historically, the SEC has rejected every Bitcoin ETF application, including VanEck’s past efforts, citing potential for market manipulation and a host of other concerns. However, industry pundits believe that the agency may finally be ready to approve one under incoming Chair Gary Gensler.