The securities watchdog has agreed to consider a crypto trading proposal from BlackRock
The US Securities and Exchange Commission (SEC) has accepted the application by BlackRock to request a spot Bitcoin exchange-traded fund (ETF) following its recognition of a similar application by Bitwise. Two in one week marks a record for the securities watchdog, which has come under fire for its anti-crypto stance.
The application marks the beginning of the SEC’s review process for BlackRock’s ETF plan. Although this is the first step in a long regulatory journey, it shows that the SEC is willing to investigate the concept of a spot Bitcoin ETF and determine its possible impact on the market.
ETFs are crypto investment funds that typically track specific indices and are traded on exchanges. In the case of cryptocurrencies, funds that reflect the value of one or more digital tokens and include various types of cryptocurrencies are known as cryptocurrency ETFs.
BlackRock’s entry into the Bitcoin ETF market is noteworthy because of its position in the financial industry. BlackRock’s filing for the spot Bitcoin ETF includes a “surveillance-sharing” deal with leading crypto exchange Coinbase.
The competition between companies looking to be the first to launch a Bitcoin ETF in the US is seen by many as a positive development for the industry. Multiple filings increase the chances of success, with the different plans allowing the SEC to review various strategies and proposals. On Friday, July 14, the regulator revealed that it is reviewing applications from several funds, such as Wise Origin Bitcoin Trust, WisdomTree, Invesco Galaxy and VanEck.
The spot Bitcoin ETF is already an available financial product in Canada. However, the SEC has yet to approve one in the US. Three other major investment funds, Purpose Bitcoin, 3iQ CoinShares and CI Galaxy Bitcoin, have been approved by Canadian regulators.
Editor-in-Chief of the Big Blind, a prominent gambling industry publication, brings 30+ years of journalism experience to his role. His vision emphasizes clarity, accessibility, and responsible journalism, making the Big Blind a trusted source in the online gambling sector.
