Details of Blackrock’s Bitcoin ETF Application Revealed
Blackrock’s recent application for a Bitcoin ETF has revealed that a cryptocurrency exchange will be required to share trading data and personal information about its customers. This move is likely an attempt by Blackrock to give more power to the SEC in order to improve the chances of its ETF application being accepted. The application was filed in June 2023 and utilizes Coinbase’s custody for the ETF.
Key Points:
- Blackrock’s ETF application came at a time when the SEC was rejecting many applications, making it significant.
- The application led to a surge in Bitcoin’s price, breaking the $30k resistance level.
- The surveillance sharing agreement in the application allows for the sharing of customer surveillance information to flag suspicious trades.
- Investors are concerned about the invasive information sharing required by the application.
- Mark Yusko suggests that only Blackrock may receive approval for a Bitcoin ETF.
Hot Take:
Blackrock’s Bitcoin ETF application has raised concerns about the extensive information sharing required and its impact on investor privacy. While the application may increase the chances of SEC approval, it goes against the ethos of cryptocurrency. The approval of Blackrock’s ETF could have a significant impact on the crypto market, but the reactions and outcomes are yet to be seen.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.