The SEC has accepted applications for spot bitcoin ETFs
Date: 2023-07-16 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The U.S. Securities and Exchange Commission (SEC) has officially accepted an application for the creation of a spot bitcoin ETF from BlackRock.
On Friday, the regulator said that it is also considering applications to launch the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust and Invesco Galaxy Bitcoin ETF.
On June 15, investment giant BlackRock sent an application to the SEC to launch a spot bitcoin ETF. WisdomTree, VanEck, Invesco and a number of other companies have followed the world's largest asset manager and done the same.
On June 30, Wall Street Journal sources reported that the Commission rejected the documents, calling them "not clear and comprehensive enough." SEC officials said the companies did not provide enough information on how the data would be shared. In addition, none of the applications met standards designed to prevent fraud and manipulation and protect investors and the public interest.
The funds were quick to make adjustments to the applications in order to prove to the regulator the effectiveness and safety of the instrument. For example, Nasdaq added Coinbase, one of the largest crypto exchanges, to the application to launch the BlackRock spot bitcoin ETF as an observer. This means that the platform will provide data on bitcoin prices and liquidity, as well as help prevent fraud and manipulation.
The total assets under management (AUM) of BlackRock, Fidelity, Invesco, WisdomTree, VanEck, Ark Invest, Valkyrie and Bitwise Asset Management, which recently re-applied for the creation of a spot bitcoin ETF, is about $15.39 trillion.
