Breaking Down the SEC’s Request for Changes to Bitcoin ETF Applications
The SEC has asked investment giant BlackRock and other recent applicants to revise and resubmit their applications for a bitcoin spot exchange-traded fund (ETF). While this news may come as a disappointment, experts believe it is a step forward in the approval process.
- The SEC frequently sends applications back for clarifications, so this request is not unusual.
- BlackRock plans to make the necessary changes and resubmit their application.
- Vivian Fang, a finance professor, sees this as encouraging news and believes there is a chance that the spot bitcoin ETF may get approved.
- The SEC likely wants reputable exchanges and asset managers involved, which may exclude existing crypto trading platforms.
- Concerns about commingling of operations and market manipulation have also been raised by regulators.
Hot Take: While the SEC’s request for changes may delay the approval process, it is a positive sign that they did not outright reject the applications. However, some experts remain skeptical about the outcome, especially as long as Gary Gensler is in charge.
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