SEC Acknowledges BlackRock’s Spot Bitcoin ETF Application

The US Securities and Exchange Commission (SEC) has taken an important step in the application process by acknowledging BlackRock’s Spot Bitcoin ETF application. While this acknowledgement doesn’t indicate approval or rejection, it signifies progress in the application review.

Bloomberg reporter James Seyffart first reported the SEC’s acknowledgement of BlackRock’s application, and subsequently mentioned that Ark Investment is further along in the process, while Bitwise received acknowledgement for its application recently.

The entrance of traditional financial institutions into the space has brought attention to the spot Bitcoin ETF applications. BlackRock and Fidelity, among others, have filed for such ETFs, garnering interest within the digital asset industry.

While the acknowledgement from the SEC is a significant milestone, it does not imply imminent approval or rejection. However, it marks the initiation of the decision-making process regarding these ETFs.

The SEC has yet to approve the creation of a Spot Bitcoin ETF, which has left some concerned about the fate of these applications. Nevertheless, the inclusion of surveillance-sharing agreements has instilled confidence in certain individuals. As a former SEC chair stated, approval for a Bitcoin ETF would be “hard to resist.”

Many of the applications have focused on measures to combat market manipulation, a key area of concern for the SEC. By addressing this issue proactively, applicants hope to sway the SEC toward approval. Ultimately, the decision rests with the regulator, and only time will reveal whether the integrated agreements align with their requirements.

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