BlackRock updates its application to launch spot bitcoin exchange-traded fund in the US

Language about monitoring asset prices and anti-money laundering appeared in the documents

05.12.2023 - 14:30

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2 min

What’s new? Investment firms BlackRock and Bitwise have filed updated applications to launch spot bitcoin exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC). Although the regulator has not yet allowed any such products to enter the market and has already repeatedly delayed the deadlines for ruling on the applications, Bloomberg analysts positively view such news.

Source: Twitter.com

What else is known? After analyzing the published filings, Bloomberg analyst James Seyffart concluded that the SEC is giving companies the same or at least very similar instructions on how exchange-traded products should be designed.

For example, BlackRock’s updated filing adds a passage about how the ETF manager intends to monitor suspicious price movements in the bitcoin market to counteract manipulation. Also, the filing now includes language about anti-money laundering compliance obligations.

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Fidelity, ARK Invest, VanEck, WidsomTree, Invesco, Valkyrie, and Grayscale are also awaiting approval of applications to launch spot BTC-ETFs. The latter has earlier started the process of updating the user agreement of its GBTC, which is planned to be converted into an exchange-traded fund.

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