The United States Securities and Exchange Commission (SEC) has announced that it will meet with major financial market players, such as BlackRock and Fidelity Investments, as well as other applicants for Bitcoin spot ETFs, next week. This meeting is intended to discuss the applications for Bitcoin ETFs that have been resubmitted to the US SEC after making modifications and adding additional information.
Reliable sources have confirmed that the meeting will take place, and Bloomberg ETF experts Eric Balchunas and James Seyffart have shared their expectations for the meeting. Balchunas emphasizes the need for this meeting to assess the potential of a Bitcoin spot ETF and discuss potential regulatory changes that might be required.
Reliable sources have confirmed that the meeting will take place, and Bloomberg ETF experts Eric Balchunas and James Seyffart have shared their expectations for the meeting. Balchunas emphasizes the need for this meeting to assess the potential of a Bitcoin spot ETF and discuss potential regulatory changes that might be required.
SEC Bitcoin ETF Evaluation Process
It is common for US SEC staff to meet with applicants for Bitcoin spot ETFs after submitting an official application to assess the approval or rejection of the proposals, as well as to provide additional clarification on the commission’s position. However, the cryptocurrency sector has been eagerly awaiting the approval of a Bitcoin spot ETF, as despite allowing other comparable ETFs, the US SEC has repeatedly rejected such requests in the past under the leadership of Chairman Gary Gensler.
Authorization for the first leveraged Bitcoin futures ETF called the Volatility Shares 2x Bitcoin Strategy ETF, has recently been granted, raising expectations and hopes in the crypto community. However, a Bitcoin spot ETF would be a significant milestone for the market, as it would allow investors to directly access the Bitcoin market without the need to own the cryptocurrency itself.
BlackRock Renewed ETF Application and Statements
Several firms, including BlackRock, have resubmitted their Bitcoin spot ETF applications after adjusting the details of their surveillance exchange agreements, as well as other prerequisites set by the US SEC. BlackRock CEO Larry Fink has stated that his Bitcoin spot ETF application is aimed at “democratizing cryptocurrencies and making them more accessible.”
Fink has pointed out that Bitcoin has become the new gold and a major global asset. BlackRock’s collaboration with regulatory authorities is an important step in advancing the approval of the first Bitcoin spot ETF. If approved, the costs of trading this type of ETF are expected to remain low, forecast to be as low as 0.01% across major cryptocurrency platforms, according to Bloomberg experts.
