SEC approves Blackrock’s Bitcoin ETF Application

Asset management Blackrock’s proposal for a bitcoin exchange-traded fund (ETF) has been approved by the U.S. Securities and Exchange Commission (SEC). The action might potentially pave the way for a wider acceptance of digital assets and goods since it shows that the regulator is getting ready to seriously examine a bitcoin ETF.

SEC Requests Public Comments on Blackrock’s Application for a Bitcoin ETF

Blackrock’s request for a spot bitcoin ETF has been formally accepted by the American securities regulator. The SEC will open a 21-day window for submitting public comments on the plan when it is published in the Federal Register, and those comments will be displayed on its website.

The filing of the application to the SEC’s docket on Thursday signals the start of a lengthy review process that will be keenly monitored by the crypto community and industry. Blackrock is the world’s largest asset management business, and the SEC process for their bitcoin ETF sends a signal about the future of crypto-based financial products in the United States.

Blackrock filed its application in mid-June, amid the SEC’s ongoing assault on crypto platforms for potential breaches of US securities laws through the selling of digital assets that the commission deems unregistered securities.

The asset management picked top U.S. cryptocurrency exchange Coinbase, one of the organizations under attack, to act as custodian for its Ishares Bitcoin Trust, whose assets are mostly bitcoin. A surveillance-sharing arrangement with Coinbase is included in Blackrock’s petition.

Several times before, the Securities and Exchange Commission rejected requests to approve bitcoin ETFs in the United States, citing issues like the possibility of market manipulation and the lack of adequate investor protection.

Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity are a few more companies that have submitted proposals for spot bitcoin ETFs in addition to Blackrock. Additionally earlier this week, Bitwise’s application was approved.

There is hope in the cryptocurrency community that a bitcoin ETF would be authorized in the United States, as has previously happened in other countries, such as Canada, due to the volume of applications and Blackrock’s position as a financial behemoth.

According to a Financial Times story published on Thursday, Europe anticipates having its first bitcoin ETF by the end of July. In order to sidestep regulatory obstacles in the EU, the product has been approved in the Channel island jurisdiction of Guernsey. Jacobi Asset Management has delayed the public listing of the product by a year, but it is now on track to happen.

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