Asset management firms BlackRock and Bitwise have updated S1 forms with the Securities and Exchange Commission (SEC) amidst the pursuit of a spot Bitcoin ETF approval. These amendments were filed in response to the regulators’ queries.
According to a report by Coindesk, BlackRock’s updated filing encompasses multiple alterations. 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.
Spot Bitcoin ETF Updates from Key Entities
The amended filings by both BlackRock and Bitwise come in response to queries posed by the SEC following prior conversations. 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 Bitcoin Trust. Utilizing custodial services from Coinbase, the trust aims to safeguard Bitcoin assets. It designates the custodian as responsible for the secure storage of the trust’s Bitcoin holdings.
This article was written by Jared Kirui at www.financemagnates.com.CryptoCurrencyRead More
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