SEC Accepts Applications for Spot Bitcoin ETFs

ProShares Bitcoin ETF Weekly Flow Hits Record In 2023
ProShares Bitcoin ETF Weekly Flow Hits Record In 2023

The US Securities and Exchange Commission (SEC) has accepted applications for spot bitcoin-ETFs from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.

The actions of the SEC do not mean that applications will be approved or denied. Previously, a similar process was launched according to Bitwise documents.

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. In the ARK Invest queue with 21Shares, they have priority based on the time of submission of documents.

On June 30, sources told the WSJ that the Commission had returned the applications because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism. The latter has been a key addition to BlackRock’s bid.

Subsequently, the above-mentioned companies promptly sent updated proposals to the department.

Recall, according to Bernstein analysts, the regulator will not be able to maintain its negative position in relation to spot ETFs based on the first cryptocurrency for a long time.

Circle CEO Jeremy Allaire has predicted that the recent spate of bitcoin exchange-traded fund filings will lead to SEC approval.

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