BlackRock's Bitcoin ETF, the 7th application delayed by SEC on Aug. 31, is a key example of the new web 3.0 crypto projects.
BlackRock’s Bitcoin ETF the 7th application delayed by SEC on Aug. 31

BlackRock’s Bitcoin ETF Application Delayed by SEC

The United States Securities and Exchange Commission (SEC) has delayed an application for a Bitcoin (BTC) exchange-traded fund (ETF) from global asset manager BlackRock. The firm, which manages over $8.5 trillion in assets, had its decision on its iShares Bitcoin Trust delayed following the submission of the application. Coinbase was listed as the planned custodian of the fund’s Bitcoin holdings and the Bank of New York Mellon was to be in charge of the fiat accounts.

BlackRock’s filing outlined the value of the shares in removing “obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin”. The ETF delay occurred after Grayscale Investments petitioned to have an earlier SEC decision overturned that had denied the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on Aug. 29.

The approval of a spot Bitcoin ETF backed by BlackRock — the world’s biggest asset manager — was seen as a positive development for adoption. The delay, which gives the SEC another 45 days following publication in the Federal Register to approve, deny, or delay the BlackRock application again, puts the next deadline at Oct. 17.

The crypto space is abuzz with discussions on Web 3.0 and the next generation of online business. People are eager to learn Web 3.0 development and get involved in the new Web 3.0 crypto projects. Coinbase is one of the most popular platforms for Web 3.0, and an example of a Web 3.0 application is Apple Health.

On Aug. 31, the SEC delayed a range of Bitcoin ETFs. This included applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity, for which the commission had set a longer period to review.

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