BlackRock, the world’s largest asset manager, has seen its application to offer a spot Bitcoin exchange-traded fund (ETF) added to the Securities and Exchange Commission’s (SEC) official schedule as part of its proposed rule change procedure.
The move is a significant stride forward for the spot Bitcoin ETF proposal, and comes nearly a month after BlackRock submitted its application for the iShares Bitcoin Trust. BlackRock’s filings spurred a series of spot Bitcoin ETF filings from numerous financial giants including Fidelity and Invesco.
When the SEC hinted last month that BlackRock’s proposal was deficient, the firm submitted a modified application that included a “surveillance sharing” agreement with the Nasdaq-listed cryptocurrency exchange Coinbase.
Filings from other financial behemoths, including that of Valkyrie, Fidelity, and ARK Invest, also included surveillance sharing agreements with Coinbase, meant to oversee and report on potential illegal activities.
Despite the launch of a Bitcoin ETF based on Bitcoin futures earlier this year, the cryptocurrency industry regards a spot ETF, pegged to the spot price of the cryptocurrency, as a key achievement. The SEC’s resistance to approve such a fund has drawn criticism from the industry, with similar products already trading outside of the US.
BlackRock’s application is now on the SEC’s official calendar and will be published in the Federal Register, which will trigger a 21-day public comment period.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/17/
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