BlackRock, Bitwise Revise SEC Filings for Spot BTC ETFs
Asset management firms BlackRock and Bitwise have
updated their filings for spot Bitcoin ETFs with the Securities and Exchange Commission (SEC). These amendments were made 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, disclosure of risk, 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 BlackRock and Bitwise are in response to queries by the SEC following prior consultations.
While the exact nature of these concerns has not been disclosed, the
revisions target some of the aspects of the proposed spot Bitcoin ETFs, including their transparency.
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 includes plans
to navigate 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.
The updated filing
highlighted the company’s commitment to refining and addressing concerns raised
by the SEC. Grayscale bolstered the case for its ETF proposal,
emphasizing similarities between its approach and the surveillance employed for
approved Bitcoin futures ETFs.
Delays by SEC Cause Market Speculation
A recent ruling by the District of Columbia Court
of Appeals deemed the rejection of Grayscale’s proposed Bitcoin ETF by the SEC to be arbitrary. This decision 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 such an offering.
Additionally, BlackRock’s iShares unit applied
for approval to introduce a spot Bitcoin ETF named the iShares Bitcoin Trust.
Utilizing custodial services from Coinbase, the fund aims to safeguard Bitcoin
assets. It designates the custodian as responsible for the secure storage of
the ETF’s Bitcoin holdings.
Asset management firms BlackRock and Bitwise have
updated their filings for spot Bitcoin ETFs with the Securities and Exchange Commission (SEC). These amendments were made 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, disclosure of risk, 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 BlackRock and Bitwise are in response to queries by the SEC following prior consultations.
While the exact nature of these concerns has not been disclosed, the
revisions target some of the aspects of the proposed spot Bitcoin ETFs, including their transparency.
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 includes plans
to navigate 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.
The updated filing
highlighted the company’s commitment to refining and addressing concerns raised
by the SEC. Grayscale bolstered the case for its ETF proposal,
emphasizing similarities between its approach and the surveillance employed for
approved Bitcoin futures ETFs.
Delays by SEC Cause Market Speculation
A recent ruling by the District of Columbia Court
of Appeals deemed the rejection of Grayscale’s proposed Bitcoin ETF by the SEC to be arbitrary. This decision 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 such an offering.
Additionally, BlackRock’s iShares unit applied
for approval to introduce a spot Bitcoin ETF named the iShares Bitcoin Trust.
Utilizing custodial services from Coinbase, the fund aims to safeguard Bitcoin
assets. It designates the custodian as responsible for the secure storage of
the ETF’s Bitcoin holdings.
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