The application process for the spot Bitcoin exchange-traded funds (ETFs) by BlackRock, Fidelity, and other aspirants has taken the next step, as the United States Securities and Exchange Commission (SEC) disclosed in Friday’s press release that it had received the filings.
A Very Important Step
Although the acknowledgment is not a show of outright acceptance or rejection, it is an important step in the application process. There is no set timeframe for the SEC to consent or disagree with the filings officially; however, applicants would be anxious to get their applications over the line.
Asset managers have previously queried the SEC’s blatant refusal to approve spot Bitcoin ETF applications, with Grayscale even suing the US regulator for refusing to grant its request. However, the involvement of leading manager BlackRock has increased pressure on the securities watchdog to approve its first spot Bitcoin ETF.
Bitwise’s Chief Investment Officer, Matthew Hougan, speaking about the influence of BlackRock on the current progress made, stated, “You have to listen when BlackRock comes to the market because they’re the largest ETF issuer in the world; they are very careful and connected.”
BlackRock CEO Bullish on Crypto
In an interview with CNBC on Friday, BlackRock CEO Larry Fink stated that cryptocurrencies will transcend other currencies.
“It’s an international asset. It has a differentiating value versus other asset classes, but more importantly, because it’s so international, it’s going to transcend any one currency…. And that’s why we believe there’re great opportunities. And that’s why we’re seeing more and more interest. And that interest is broad-based, worldwide,” Fink said.
Although ARK Invest’s Cathie Wood claims BlackRock won’t get preferential treatment on spot Bitcoin ETF filings, the largest asset manager has greatly impacted the application proceedings.
