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- SEC Sets Stage for Review of BlackRock's Spot Bitcoin ETF Application, Joining Other Contenders
SEC Sets Stage for Review of BlackRock's Spot Bitcoin ETF Application, Joining Other Contenders
In a significant move towards integrating Bitcoin into conventional finance, the U.S. Securities and Exchange Commission (SEC) has approved BlackRock's spot Bitcoin exchange-traded fund (ETF) application for review. This move from the SEC's acknowledgment of a similar application by Bitwise just a day prior.
Accepting the BlackRock ETF proposal marks the onset of an official review process, which, while being merely the first step of a long regulatory path, indicates the SEC's willingness to entertain the concept of a spot Bitcoin ETF and explore its potential impact on the market.
Typically, ETFs are investment vehicles that track specific indices and are traded widely on exchanges. In the context of digital assets, a Bitcoin Spot ETF is a fund that reflects the value and custody of one cryptocurrency.
In addition to BlackRock's application, the SEC announced on July 14 that it is evaluating applications for several funds, including those from ARK, Wise Origin Bitcoin Trust, WisdomTree, VanEck, and Invesco Galaxy.
The initiation of BlackRock into the race for a spot Bitcoin ETF stands out due to the company's high standing in the financial sector. Their filing includes a "surveillance-sharing" agreement with the cryptocurrency exchange, Coinbase, further reinforcing the seriousness of their intent.
The battle amongst companies to be the inaugural entity to launch a Bitcoin Spot ETF in the U.S. is viewed by many as a beneficial turn of events for the industry. Multiple applications improve the likelihood of one getting the green light, while the variety in these proposals enables the SEC to evaluate an array of strategies and concerns.
The approval of a spot Bitcoin ETF in the U.S. is yet to occur; however, similar financial products have already been introduced in Canada. Notably, three substantial funds - Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin - have already secured regulatory approval there.
Strike CEO: We're "on the cusp" of a BlackRock #Bitcoin ETF
"This is a huge deal"
— Bitcoin Magazine (@BitcoinMagazine)
11:58 AM • Jul 13, 2023
Larry Fink of @BlackRock thinks #Bitcoin will transcend every international currency due to broad-based worldwide demand.
— Michael Saylor⚡️ (@saylor)
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#Bitcoin is Digital Gold. - Larry Fink, @BlackRock CEO
— Michael Saylor⚡️ (@saylor)
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#Bitcoin when the Black Rock ETF is approved.
— Breaking Whale (@BreakingWhale)
3:13 PM • Jul 14, 2023
“If only 5% of that money ends up in #Bitcoin, you’re talking about a price of $600K, $700K, $800K a #BTC which of course is a target now within reach, if Larry Fink over at @BlackRock, the $9 trillion gun is gonna start firing bullets at the little Bitcoin target.”-@maxkeiser 🇸🇻 twitter.com/i/web/status/1…
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes)
4:11 PM • Jul 15, 2023
Binance adopts lightning ⚡️
This innovative bitcoin technology helps users send money instantly and cheaper than traditional payment methods. It works by creating payment channels back and forth between users, cryptographically secured to the blockchain.
— Documenting ₿itcoin 📄 (@DocumentingBTC)
2:21 PM • Jul 17, 2023