Crypto enthusiasts think the launch of the first U.S. exchange-traded funds that hold bitcoin is a done deal. But regulatory approval is still no guarantee, especially in the wild world of crypto.

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