BlackRock, the world’s largest asset management company, has re-applied by issuing its Bitcoin spot ETF application after the SEC’s warning.
Nasdaq has again submitted a bid to launch a spot Bitcoin exchange-traded fund (ETF) in partnership with the world’s largest asset manager BlackRock and leading US cryptocurrency exchange Coinbase.
If approved, this ETF would be the first of its kind in the United States, where regulators have so far rejected or delayed dozens of Bitcoin ETF applications, citing concerns about market manipulation, investor protection, and custody issues. The SEC has approved only two bitcoin futures ETFs that track the price of BTC contracts traded on regulated exchanges.
19b-4, which BlackRock re-applied, is a rule under the Securities Exchange Act of 1934 that requires self-regulatory organizations (SROs) to submit a form to the SEC before making any changes to their rules, particularly those related to trading. SROs are non-governmental bodies that exercise some degree of regulatory authority over an industry or line of business, such as exchanges or clearinghouses.
The form is used to inform the SEC and the public about the proposed rule change and its rationale, and to invite comments and feedback. The SEC can approve, reject, or delay the rule change after reviewing the form and comments.
The SEC recently reported that ETF filings were insufficient, according to Wall Street Journal sources. The lack of the name of the intermediary cryptocurrency exchange was cited as the reason for the inadequacy of the applications. After the changes made by many companies along with BlackRock, Coinbase was shown as the intermediary for these ETFs.
*Not investment advice.
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