Bloomberg correspondent James Seyffarth reported on the regulator’s confirmation of the application. He subsequently reported that BitWise received confirmation of a similar application yesterday.
In early July, the digital asset industry was pleasantly surprised when the media reported a flood of applications for the Spot Bitcoin ETF. It later emerged that many of these applications were from large financial firms, with asset management firms BlackRock and Fidelity leading the way.
This part of the process may be a mere formality, but it certainly shows the commission’s interest in the matter. This development means that the hour of resolution of the ETF issue is near. And it’s not just BlackRock and Fidelity. Invesco, WisdomTree have also joined the battle for the right to offer a decent product for investment.
The competition between these companies to launch the first Bitcoin ETF in the US is encouraging for the crypto industry. Filing multiple applications increases the chances of success, as different approaches and proposals allow the SEC to evaluate different strategies and address potential problems.
Jay Clayton, one of the former SEC chairmen, said, “Approval of a Bitcoin ETF will be hard to prevent.” BlackRock CEO Larry Fink has repeatedly recognised Bitcoin’s potential. In an earlier report, Fink emphasised that the registration of his dot-com bitcoin ETF is “a way to make the cryptocurrency more democratic and cheaper”. He argues that bitcoin is a global asset and the next gold.
Many of the companies that are preparing to apply for Bitcoin ETFs are busy creating measures to regulate the market. For them, the cryptocurrency is a benchmark for the next few years. They are hoping for preventative measures that they take. These companies are waiting for SEC approval. In time, we will see the effectiveness of these policies.