The US Securities and Exchange Commission (SEC) can simultaneously approve several spot ETFs based on the first cryptocurrency. This was stated by the head of ARK Invest Cathy Wood, reports Bloomberg.
“I think if the SEC is going to approve a bitcoin ETF, it will accept several at once. […] Most of them, in fact, will be the same, and it will all come down to marketing,” she said.
However, according to Wood, there is a possibility of a delay in the decision by the department. Preliminary hearings on this issue will be held on 13 August.
On June 15, BlackRock filed an application for a spot bitcoin ETF with the SEC. Following the financial giant, similar requests came from Valkyrie, Fidelity Investments, WisdomTree and Invesco.
At the same time, in the lists for consideration, ARK Invest c 21Shares are higher than BlackRock based on the time of submission of documents that Cathy Wood’s firm sent back in April.
The Commission later returned all applications because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism.
Subsequently, the above-mentioned companies promptly sent updated proposals to the department. On July 14, the regulator accepted applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree for consideration.
The Chicago Board Options Exchange also modified the ARK 21Shares launch document to include a joint oversight agreement to prevent fraud and market manipulation by copying part of BlackRock’s bid.
Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.
ARK Invest analyst Yassin Elmanjra stressed that the approval of the exchange-traded Bitcoin fund BlackRock could be “a turning point on the path of digital gold to institutional recognition.”
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