SEC Accepts BlackRock’s Application for Bitcoin Spot ETF Review, Signaling Progress

A battle for Bitcoin spot EFTs brought much uncertainty to the crypto community, with the US Securities and Exchange Commission (SEC) declining applications from prominent companies left and right. However, it appears we’re headed in the right direction. The SEC has finally accepted BlackRock’s application for review, bringing hope to crypto enthusiasts and institutional investors alike.

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BlackRock ETFs

Illustration: Lenka T.

Bitcoin Spot ETFs

Bitcoin Spot ETFs have been a hot topic over the last few years, but it is only this summer that significant progress has been made toward their actualization. Many prominent companies such as Fidelity, Bitwise, BlackRock, and Vaneck have tried persuading the US Securities Exchange Commission to give them a chance. Nevertheless, the SEC didn’t let its guard down.

BlackRock’s most recent attempt at making Bitcoin spot ETFs a reality happened in mid-June but was denied soon after, as it didn’t provide enough clarification on “surveillance-sharing” agreements. However, it didn’t take long for the company to show more initiative and refile a Bitcoin spot EFT application that named Coinbase as its surveillance-sharing partner — this time, the SEC accepted the application for review.

But don’t get your hopes up just yet. The SEC’s move merely signifies that this regulator is finally ready to consider a Bitcoin ETF approval. BlackRock’s application was added to the official docket of the Securities and Exchange Commission on Thursday, making it eligible for the review process.

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.