BlackRock’s Spot Bitcoin ETF Formally Accepted by the SEC
SEC Has Accepted BlackRock’s Application for a Spot Bitcoin ETF
The US Securities and Exchange Commission (SEC) has accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF).
This comes after Bitwise’s application was approved the day before. 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.
BlackRock’s filing, which was submitted about a month ago, was updated when the SEC flagged a problem. A provision for “surveillance sharing” including Coinbase was introduced to the updated application.