RE: Societe Generale obtains France's first crypto licence…21 Jul 2023 22:19
The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF. Once it’s published in the Federal Register, the SEC will open a 21-day window for submission of public comments on the proposal and they will be posted on its website.
The application’s addition to the SEC’s docket on Thursday marks the beginning of a long review process that will be closely followed by the crypto community and industry. Blackrock is the world’s largest asset management firm and the SEC process for its bitcoin ETF sends a signal about the future of crypto-based investment products in the United States.
Blackrock filed its application in mid-June amid an ongoing crackdown by the SEC on crypto platforms for alleged violations of U.S. securities laws through the offering of digital assets that the regulator considers unregistered securities.
One of the targeted companies, leading U.S. cryptocurrency exchange Coinbase, was chosen by the asset manager to serve as custodian for its Ishares Bitcoin Trust, the assets of which consist primarily of bitcoin. Blackrock’s filing incorporates a surveillance-sharing agreement with Coinbase.
Besides Blackrock, others that have also filed applications for spot bitcoin ETFs include Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity. Bitwise’s application was accepted earlier this week as well.
The number of applications, along with Blackrock’s status as a financial powerhouse, have spurred optimism in the crypto space that a bitcoin ETF will be approved in the United States, something that Canada, for example, has already done.
A report by the Financial Times on Thursday unveiled that Europe expects its first bitcoin ETF by the end of July.
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