The U.S. Securities and Exchange Commission (SEC) has given its acceptance to the application for a bitcoin exchange-traded fund (ETF) submitted by Blackrock, an asset management firm. This move demonstrates the regulator’s intention to seriously consider a bitcoin ETF, potentially paving the way for wider adoption of crypto assets and related products.
SEC Includes Blackrock’s Bitcoin ETF Application in Official Docket, Invites Public Input
The U.S. securities regulator has officially acknowledged Blackrock’s application for a spot bitcoin ETF. Once the application is published in the Federal Register, the SEC will initiate a 21-day period during which the public can submit comments on the proposal. These comments will be made available on the SEC’s website.
The addition of this application to the SEC’s docket signifies the beginning of an extensive review process that will be closely monitored by the crypto community and industry. As the world’s largest asset management firm, Blackrock’s pursuit of a bitcoin ETF through the SEC process carries significant implications for the future of crypto-based investment products in the United States.
Blackrock submitted its application in mid-June amidst an ongoing crackdown by the SEC on crypto platforms accused of violating U.S. securities laws by offering unregistered securities in the form of digital assets.
Coinbase, a leading U.S. cryptocurrency exchange, was chosen by Blackrock to act as the custodian for its Ishares Bitcoin Trust, which primarily holds bitcoin assets. The filing by Blackrock includes a surveillance-sharing agreement with Coinbase.
In addition to Blackrock, other entities such as Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, VanEck, Invesco, and Fidelity have also filed applications for spot bitcoin ETFs. Bitwise’s application was accepted earlier this week.
The influx of applications, coupled with Blackrock’s prominent position in the financial industry, has generated optimism within the crypto space regarding the potential approval of a bitcoin ETF in the United States, a milestone already achieved by Canada.
According to a report from the Financial Times, Europe is expecting its first bitcoin ETF to be launched by the end of July. After facing a year-long delay, Jacobi Asset Management is on track to publicly list the product in Guernsey, a jurisdiction in the Channel Islands, in order to circumvent regulatory obstacles in the European Union.
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- Market Manipulation
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