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SEC Accepts Blackrock’s Bitcoin ETF Application

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KEBB | Official ₿itcoin News
SEC Accepts Blackrock’s Bitcoin ETF Application

The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products.

SEC Adds Blackrock’s Bitcoin ETF Application to Docket, Seeks Public Comments

The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF. Once it’s published in the Federal Register, the SEC will open a 21-day window for submission of public comments on the proposal and they will be posted on its website.

The application’s addition to the SEC’s docket on Thursday marks the beginning of a long review process that will be closely followed by the crypto community and industry. Blackrock is the world’s largest asset management firm and the SEC process for its bitcoin ETF sends a signal about the future of crypto-based investment products in the United States.

Blackrock filed its application in mid-June amid an ongoing crackdown by the SEC on crypto platforms for alleged violations of U.S. securities laws through the offering of digital assets that the regulator considers unregistered securities.

One of the targeted companies, leading U.S. cryptocurrency exchange Coinbase, was chosen by the asset manager to serve as custodian for its Ishares Bitcoin Trust, the assets of which consist primarily of bitcoin. Blackrock’s filing incorporates a surveillance-sharing agreement with Coinbase.

The Securities and Exchange Commission has previously denied approval of bitcoin ETFs in the U.S. on numerous occasions, citing concerns such as the risk of market manipulation and insufficient protection for investors.

Besides Blackrock, others that have also filed applications for spot bitcoin ETFs include Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity. Bitwise’s application was accepted earlier this week as well.

The number of applications, along with Blackrock’s status as a financial powerhouse, have spurred optimism in the crypto space that a bitcoin ETF will be approved in the United States, something that Canada, for example, has already done.

A report by the Financial Times on Thursday unveiled that Europe expects its first bitcoin ETF by the end of July. The product, which is on track to be publicly listed by Jacobi Asset Management after a year-long delay, has been authorized in the Channel island jurisdiction of Guernsey to avoid regulatory hurdles in the EU.

Do you think the SEC will approve Blackrock’s application for bitcoin ETF? Share your expectations in the comments section below.

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