The US SEC has begun reviewing all Spot Bitcoin ETF applications that have been resubmitted by all applicants with a “shared surveillance” clause.
The U.S. Securities and Exchange Commission (SEC) has begun reviewing all Spot Bitcoin ETF applications it received last month, starting with BlackRock’s.
Regulators recently released documents for public consultation, but a formal review process will begin as soon as the dossier is released to the Federal Register. The SEC is seeking comment on Cboe’s ETF filings, which include Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares. Additionally, the SEC is seeking comment on BackRock’s iShares Bitcoin Trust filed with the Nasdaq.
BlackRock’s request to provide a Bitcoin ETF has been formally added to the Securities and Exchange Commission’s records for review. This is an important step forward for the highly anticipated Bitcoin-related proposal.
BlackRock’s application has sparked a new wave of optimism in the cryptocurrency market. It also prompted additional applications for spot bitcoin ETFs by other financial players in the market.
After the SEC raised concerns about BlackRock’s original filing, the company filed an amendment that included a “monitoring sharing” clause. This clause includes monitoring the cryptocurrency exchange Coinbase and reporting possible illegal activities. Following BlackRock’s lead, other companies such as Valkyrie, Fidelity and ARK Invest have updated their applications to include similar provisions.
Why Spot Bitcoin ETFs Will Be A Game Changer
A spot Bitcoin ETF is a type of investment that tracks the value of Bitcoin without the need to own the actual cryptocurrency. It can be traded on traditional stock exchanges. Bitcoin ETFs based on Bitcoin futures already exist, but spot ETFs tracking the current price of Bitcoin are highly desired by the industry. But the SEC has resisted approving such ETFs in the past, and this is seen as a major setback.
BlackRock’s application has been placed on the SEC’s official calendar, which means it will appear in the Federal Register. The publication opens his 21-day period for the public to comment on the application.
In an interview with CNBC last week, BlackRock CEO Larry Fink said: Said:
“We believe we have a responsibility to democratize investing. We have done a great job and the role of ETFs in the world is transforming investing. We are working with regulators and, like any new marketplace, we intend to ensure that if BlackRock’s name is listed on that marketplace, it is safe, sound and protected. .”
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Bhushan is a fintech enthusiast and has a great knack for understanding financial markets. His interests in economics and finance have drawn attention to the emerging blockchain technology and cryptocurrency market. He continues his learning process continuously and keeps himself motivated by sharing his knowledge. In his free time, he enjoys reading thriller novels and occasionally testing his cooking skills.