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
304
2 min
0
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.
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.
Investors have poured $1,76 billion into cryptocurrencies in 10 weeks
The indicator has reached its maximum since October 2021
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.
Useful material?
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024
Trends
According to the fund’s analysts, stablecoins with a peg to the US dollar will gain popularity as the main means of settlement
Dec 5, 2024