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The U.S. Securities and Exchange Commission (SEC) has taken the first step in reviewing applications for the creation of spot bitcoin exchange-traded funds (ETFs) from six firms, including BlackRock, signaling a potential shift in the agency’s stance.
The SEC has formally acknowledged applications from Bitwise, VanEck, WisdomTree, Fidelity, and Invesco for similar spot bitcoin ETFs, with these proposals listed on the Federal Register on Tuesday and Wednesday.
In the past, the SEC had rejected numerous spot bitcoin ETF applications, citing concerns about anti-fraud and investor protection standards.
However, the outlook seems more positive this time, as Nasdaq, where BlackRock plans to list its ETF, has vowed to address the SEC’s concerns by collaborating with Coinbase, the largest U.S.-based crypto exchange, to monitor trading in the underlying bitcoin market. Similar surveillance arrangements have been proposed by CBOE Global Markets.
The approval of the first bitcoin futures ETF in October 2021 played a role in driving the volatile bitcoin to reach an all-time high of $69,000 in November 2021.
Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts. With these new proposals under review, the SEC’s decision could significantly impact the future of bitcoin ETFs in the United States.
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