The SEC’s acknowledgment marks the start of the official review process for BlackRock’s ETF proposal.
The SEC has accepted Nasdaq’s application for a spot Bitcoin exchange-traded fund (ETF) after acknowledging a similar application by Bitwise the previous day.
The SEC’s acknowledgment marks the beginning of the official review process for BlackRock’s ETF proposal. This initial step holds significant importance for the Bitcoin community, as it shows the SEC’s willingness to explore the idea of a Bitcoin ETF and evaluate its potential market impact.
ETFs are investment funds traded on exchanges, often tracking specific indexes. In the cryptocurrency domain, a fund that mirrors the value of one or multiple digital tokens and includes various cryptocurrencies is referred to as a cryptocurrency ETF.
Regulator’s Scrutiny of Multiple Funds Spotlights BlackRock:
On Friday, July 14, the regulator announced its ongoing review of applications for various funds, including Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF. This reflects the companies’ recognition of growing demand for regulated Bitcoin investment options and their commitment to meeting clients’ needs.
BlackRock Inc’s involvement in the spot Bitcoin ETF race is highly significant due to its leading position in the financial industry. The asset manager’s filing for a spot Bitcoin ETF included a “surveillance-sharing” agreement with Coinbase, emphasizing the increasing acceptance of cryptocurrencies in the traditional financial sector.
Crypto Industry Welcomes Launch of Spot Bitcoin ETFs in Canada:
Bitcoin ETF in the U.S. is a positive development for the crypto industry. Multiple filings increase the chances of success, as diverse approaches enable the SEC to assess different strategies and address potential concerns.
While the SEC has denied spot Bitcoin ETFs in the U.S. since 2017, they are already available in Canada. Three significant funds—Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin—are directly invested in spot Bitcoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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