The United States financial markets regulator – the Securities and Exchange Commission (SEC) has formally accepted the BlackRock’s application for launching a spot Bitcoin (BTC) exchange-traded fund (ETF).
It’s a significant development considering that the BlackRock’s application to introduce a Bitcoin ETF that focuses on spot Bitcoin has officially become part of the SEC’s proposed rule change process. It also marks a crucial step forward for what is currently the most closely monitored Bitcoin-related proposal submitted to the SEC.
The Acceptance of BlackRock’s application comes a day after similar application from the Bitwise. The SEC’s official calendar currently shows that BlackRock’s application will be published in the Federal Register and start a 21-day public comment period.
An arrangement for “surveillance-sharing” with cryptocurrency exchange Coinbase is included in BlackRock’s ETF registration. The regulator revealed on Friday, July 14, that it is now considering applications for a number of funds, including Wise Origin Bitcoin Trust, WisdomTree, VanEck, and Invesco Galaxy.
The competition between firms competing to introduce a Bitcoin ETF in the US is seen favorably for the cryptocurrency industry. A spot Bitcoin ETF is still awaiting approval from the SEC in the US, but it is already on the market in Canada.
You need to login in order to Like
