Asset management firms BlackRock and Bitwise have
updated their filings for spot Bitcoin ETFs with the Securities and Exchange Commission (SEC). These amendments were filed in response
to the regulators’ queries.
According to a report by Coindesk, BlackRock’s
updated filing encompasses multiple changes. It focuses on enhancing
transparency through aspects such as security, risk disclosures, and the
overall structure of the fund. Notably, 21 significant changes were implemented
in the asset management firm’s latest update.
The amended filings by both BlackRock and Bitwise are in response to queries posed by the SEC following prior consultations.
While the exact nature of the SEC’s inquiries remains undisclosed, the
revisions aim to address potential concerns raised during these discussions.
The SEC’s decision on the approval of one or more
spot Bitcoin ETFs looms, with a crucial deadline set between January 5th and
10th. Beyond the SEC’s purview, BlackRock’s amended filing extends its plans
toward navigating regulatory landscapes in various jurisdictions.
Recently, Grayscale unveiled an updated filing for its spot Bitcoin ETF application submitted to the SEC. This move followed ongoing
discussions between Grayscale, the SEC, and NYSE Arca.
Grayscale’s updated filing represents a strategic
maneuver in the quest for a spot Bitcoin ETF approval. The updated filing
highlighted the company’s commitment to refining and addressing concerns raised
by the SEC. Grayscale aims to bolster the case for its ETF proposal,
emphasizing similarities between its approach and the surveillance employed for
approved Bitcoin futures ETFs.
SEC Delays Spark Market Speculation
The recent ruling by the District of Columbia Court
of Appeals, deeming the SEC’s rejection of Grayscale’s proposed Bitcoin ETF as
arbitrary, provided a legal pathway for a review. Leveraging this court
victory, Grayscale urged the SEC to revisit its application, emphasizing the
need for regulatory clarity and an approving order for the product.
The SEC’s postponement of approving spot Bitcoin
ETFs from BlackRock, Invesco, Bitwise, and Valkyrie has left the market
speculating about the potential impact of the delay.
In June, BlackRock filed for a spot Bitcoin ETF.
This strategic step challenged the SEC amid its historical stance of rejecting
several applications for spot Bitcoin ETFs.
Additionally, BlackRock’s iShares unit has applied
for approval to introduce a spot Bitcoin ETF named the iShares…
