The U.S. SEC Accepts Blackrock’s Bitcoin ETF Application

The U.S. Securities and Exchange Commission (SEC) has started looking into BlackRock's request to start a Bitcoin Exchange-Traded Fund (ETF). They also began this process with Bitwise a day earlier. This is the start of a long process but is a big step for the Bitcoin world. The SEC is showing they're open to the idea of a Bitcoin ETF and will study how it might affect the market. 

An ETF is a kind of investment fund that follows certain markets and is often traded on exchanges. A cryptocurrency ETF is a fund that tracks the value of digital coins like Bitcoin.

On July 14, the SEC said it is also looking into ETF requests from other funds, including Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust and Invesco Galaxy Bitcoin ETF. This shows that companies see there is a demand for Bitcoin investment options.

BlackRock Inc's application for a Bitcoin ETF is a big deal because of its role in finance. BlackRock's ETF request includes a plan to share surveillance data with the crypto exchange Coinbase. This shows that more traditional finance companies are starting to accept cryptocurrencies.

Many companies are trying to be the first to start a Bitcoin ETF in the United States. This is good news for the crypto world. With many requests, it's more likely one will be approved. The SEC can learn from the different strategies to address possible problems. 

Bitcoin ETFs have been rejected since 2017 by the SEC. Although they're already availablein Canada. Three big funds namely: Purpose Bitcoin, 3iQ CoinShares and CI Galaxy Bitcoin  have invested in Bitcoin directly.