https://decrypt.co/148752/sec-blackrock-spot-bitcoin-etf-application

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SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for
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SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for
Review

The procedural move suggests that the federal agency will give the
closely-watched application a serious look.

 
Ryan OzawaRyan Ozawa
By Ryan Ozawa
Jul 15, 2023Jul 15, 2023
*
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Image: Tada Images/Shutterstock.com
Image: Tada Images/Shutterstock.com
 
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BlackRock's application to offer a spot Bitcoin exchange-traded fund
(ETF) has been added to the official docket of the Securities and
Exchange Commission as part of its proposed rule change process. The
move, recorded late Thursday, advances the most closely-watched
Bitcoin-related proposal to the SEC to date.

The application for the iShares Bitcoin Trust was filed nearly a
month ago, prompting a new wave of optimism across the crypto market,
and additional filings for spot Bitcoin ETFs from a number of other
prominent players, including from firms like Invesco, Wisdom Tree,
Bitwise, and Fidelity--which saw its previous application rejected
last year along with those from other contenders.

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When the SEC signaled last month that BlackRock's application was
lacking, the company filed a revised application, adding a
"surveillance sharing" clause that would involve the Coinbase crypto
exchange monitoring and reporting possible illegal activity.

Soon enough, Valkyrie updated its application with the same
provision, as did Fidelity and ARK Invest.

A spot Bitcoin ETF would track the value of Bitcoin without requiring
the asset to be held directly. It would also be tradable on a
traditional stock exchange.

While a Bitcoin ETF based on Bitcoin futures launched to great
fanfare earlier this year, a spot ETF--which is tied to the current
price of the cryptocurrency--has been described as a "holy grail" for
the industry. The SEC's continued resistance to approving one over
the past several years has been described as a "complete and utter
disaster."

With BlackRock's application now on the SEC's official calendar, it
will be published in the Federal Register and trigger a 21-day public
comment period.

Meanwhile, four other applications were docketed on Friday related to
the Cboe BZX Exchange, which was the first entity to apply for a
Bitcoin ETF in March 2021, They include the Wise Origin Bitcoin
Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco
Galaxy Bitcoin ETF, which will also enter a three-week comment
period.

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