Earlier, several applications for the launch of spot exchange-traded funds for bitcoin “fell down” on the SEC at once – following BlackRock, Fidelity, Invesco, Wisdom Tree, Val and others filed their applications. The launch of a Bitcoin spot ETF could provide investors with the opportunity to access the market without having to deal with the underlying asset.
However, the SEC argues that these filings are not clear and comprehensive enough. Companies can update them and reapply. In doing so, firms must have a “joint oversight agreement” or provide enough information about the details of oversight arrangements, the regulator said. Fidelity, WisdomTree, VanEck, Invesco and Ark Investment Management have already resubmitted applications.
Recently it became known that over the past week the volume of trading on centralized cryptocurrency exchanges has increased significantly. Analysts attribute this to BlackRock and other companies’ bid for a Bitcoin spot ETF.
The bidding frenzy began in early June when BlackRock applied to launch the iShares Bitcoin Trust. The document emphasizes that previously approved products traded on a spot exchange in the commodities and foreign exchange markets “are generally unregulated, with the SEC relying on the futures market.” Therefore, the company sees no barriers to approving such a spot ETF.
Source: Bits
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