AssetsJul 18, 2023

The SEC will carefully look at a Bitcoin spot ETF application from BlackRock

The aforementioned operation indicates that the SEC will consider the possibility of issuing a permit for the launch of a bitcoin ETF fund.

An application filed by the BlackRock group to launch an investment fund that will track the price of BTC in the spot market was added to the official list of the Securities and Exchange Commission (SEC) last Thursday, July 13. It is worth mentioning that the digital currency community has high hopes for this project.

The SEC will soon review BlackERock's application for a BTC ETF

Although the ETF on Bitcoin for the futures market was launched relatively long ago, arousing a lot of emotions, the ETF on BTC for the spot market is still perceived as a kind of breakthrough event for the entire industry.

From time to time, repeated attempts to launch an investment fund that followed the price of the largest of the digital currencies on the spot market have been going on for several years. So far, the US financial market supervisor has consistently rejected applications for the establishment of this type of ETF.

Currently, the latest application that has been filed by BlackRock is on the official SEC calendar pending review. As of today, it is already known that it is to be published in the Federal Register. After that, a 21-day period of public commenting will start.

Just recently, last Friday, the same list included several other applications from a number of companies looking to launch a bitcoin ETF. Companies that have come forward with such an initiative include VanEck Bitcoin Trust, Wise Origin Bitcoin Trust, Invesco Galaxy Bitcoin ETF and WisdomTree Bitcoin Trust. All apps from the companies mentioned above will also enter the 3-week comment period.

Positive emotions in the digital currency sector still persist

The Bitcoin rate continues to oscillate above the $30,000 line for one coin. Over the past few days, the digital currency sector has reacted strongly optimistically to Ripple Labs' partial victory in the court battle with the SEC. The legal duel between these entities has been ongoing since late 2020.