The SEC Finally Responds to Blackrock’s Bitcoin ETF Application
US Bitcoin ETF plans on hold as SEC finds applications from investment managers insufficient.
The Securities and Exchange Commission (SEC) has delayed approving a Bitcoin exchange-traded fund (ETF) in the US. It has found applications from investment managers lacking in information.
The SEC regulator told Nasdaq and the Chicago Board Options Exchange that their applications were not clear or complete enough. Both exchanges are helping asset managers apply for the ETF. The SEC said they needed to describe the Bitcoin exchange with a "surveillance-sharing agreement" to offer enough information about surveillance arrangements. The exchanges can provide more information and try again.
There have been many ETF applications to the SEC recently. BlackRock wants to be the first to offer a Bitcoin ETF and has included a surveillance-sharing agreement in its application. This gives more information about market trading to prevent market manipulation.
Many financial firms want to be the first to offer Bitcoin ETFs. These include ARK Invest, Valkyrie, Invesco, and Fidelity. According to Bloomberg's Senior ETF Analyst Eric Balchunas, ARK is most likely to get approval first, as they applied before BlackRock.
