The US Securities and Exchange Commission (SEC) is set to review the application for a spot Bitcoin Exchange-Traded Fund (ETF) recently updated by Blackrock, the world’s largest institutional asset manager. This move has sparked a new wave of interest in Bitcoin, making ripples in the world of cryptocurrency.
The application from Blackrock isn’t an isolated case. Several other companies have followed Blackrock’s lead and submitted their applications to the SEC. Previously, however, these submissions hadn’t been reviewed due to identified deficiencies. The request from the SEC was for the shortcomings to be addressed and the applications resubmitted.
Blackrock and these other interested parties have now revised their applications, rectifying the missing elements and resubmitting them for review. This newly provided information has led the SEC to accept the application from Blackrock, which is now officially under review. The SEC’s review, it should be noted, does not equate to an automatic endorsement of the ETF.
In addition to Blackrock, the SEC has also given the nod for the applications of other industry heavyweights, such as VanEck, Invesco, Fidelity, and Galaxy Digital, to be reviewed. Taking on these applications for review signals an anticipated result in the financial community and does not imply that there will be an instant approval.