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Home»Regulation»U.S. SEC Officially Acknowledges BlackRock’s Bitcoin Spot ETF Application, Kicking Off Review Process: Report
U.S. SEC Officially Acknowledges BlackRock’s Bitcoin Spot ETF Application, Kicking Off Review Process: Report
Regulation

U.S. SEC Officially Acknowledges BlackRock’s Bitcoin Spot ETF Application, Kicking Off Review Process: Report

2023-07-15No Comments2 Mins Read
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The U.S. Securities and Alternate Fee (SEC) is reportedly acknowledging BlackRock’s utility for a spot Bitcoin (BTC) exchange-traded fund (ETF).

In keeping with Bloomberg analysis analyst James Seyffart, the regulatory company is recognizing the spot BTC ETF purposes of BlackRock and different distinguished monetary corporations, kicking off a evaluation course of.

“UPDATE: there they’re – SEC simply acknowledged the Bitcoin ETF purposes for BlackRock, VanEck, Invesco US, Constancy and WisdomTree. We’re off to the races. Take into account ARK Make investments/21Shares already past this level. Bitwise (Asset Administration) was yesterday.”

A spot Bitcoin ETF would give traders publicity to the crypto asset by a brokerage agency, very similar to commodities corresponding to gold.

Seyffart goes on to say that he believes the SEC will both approve or deny BlackRock’s request by March of subsequent yr. The analyst additionally notes that the bids of ARK Make investments and 21Shares will possible be determined by early January.

“SEC will both approve or deny by mid-March 2024. Although it’s possible we’ll know the reply formally or unofficially by way of the choice for Ark/21Shares’ utility which is due by early January.”

In keeping with Bloomberg ETF analyst Eric Balchunas, nonetheless, the SEC acknowledging the bids is probably going simply procedural and uncertain to alter the probabilities of them being authorized.

“The clock has been began formally. Though none of this modifications our odds as it’s simply procedural. That mentioned it might be checked out as excellent news for ARK although that these had been [acknowledged] so as of submitting date vs. [acknowledged] all with the identical date.”

Final month, the SEC mentioned that BlackRock’s bid for a BTC ETF was “unclear and incomprehensive” regardless of many believing the appliance would appease the regulatory physique.

See also  Biden vetoes resolution to overturn of SEC's controversial SAB 121

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