BlackRock, the world's largest asset management company, has applied for a Bitcoin ETF again after the SEC's warning.
BlackRock, the largest asset management company globally, has taken a step forward in its pursuit of a Bitcoin spot exchange-traded fund (ETF) by resubmitting its application, despite a warning from the Securities and Exchange Commission (SEC).
In collaboration with Coinbase, a prominent US cryptocurrency exchange, BlackRock has partnered with Nasdaq to reapply for the launch of a Bitcoin ETF tied to the spot market. If approved, this groundbreaking ETF would be the first of its kind in the United States. The country's regulators have previously either rejected or delayed numerous Bitcoin ETF proposals, citing concerns over market manipulation, investor protection, and custody-related matters. Thus far, the SEC has only granted approval to two Bitcoin futures ETFs, which track the value of BTC contracts traded on regulated exchanges.
According to sources from the Wall Street Journal, the SEC highlighted insufficient details in the previously filed ETF applications. The absence of the cryptocurrency exchange intermediary's name was specifically mentioned as the reason for the applications' shortcomings. However, several companies, including BlackRock, have made amendments to address this issue, with Coinbase now being identified as the intermediary for these proposed ETFs.
Photo by Scott Graham on Unsplash
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