SEC Accepts BlackRock's Bitcoin ETF Application, Signaling Regulatory Review with Chinese Crypto, COTI Crypto, CNBC Crypto and More.
SEC accepts BlackRock’s Bitcoin ETF application, signaling regulatory review

Exploring the Potential of a Bitcoin ETF

The United States Securities and Exchange Commission (SEC) has accepted BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF), following its acknowledgment of a similar application from Bitwise the day before. This move marks the beginning of the official review process for the proposed ETF, and signals the SEC’s willingness to explore the idea and its potential market effects.

ETFs are investment funds that typically follow specific indexes and are commonly traded on exchanges. In the cryptocurrency space, a fund that mirrors the value of one or multiple digital tokens and comprises a variety of cryptocurrencies is known as a crypto ETF.

On Friday, July 14, the regulator announced that it is also in the process of reviewing applications for various funds, including Wise Origin Bitcoin Trust, WisdomTree, VanEck, Invesco Galaxy, and others.

Crypto Industry in the US and Canada

The entry of BlackRock into the spot Bitcoin ETF race is a major event for the financial industry. The company has agreed to “surveillance-sharing” with Coinbase, a popular crypto exchange.

The race to launch a Bitcoin ETF in the US has been seen as a positive sign for the crypto market. The SEC has received multiple filings, each with its own strategies and considerations.

Canada has already approved a spot Bitcoin ETF, with three major funds – Purpose Bitcoin, 3iQ CoinShares and CI Galaxy Bitcoin – receiving the green light from regulators.

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