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BlackRock and Bitwise Renew Applications for Approval of Bitcoin Spot ETFs

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Dec 6, 2023 at 09:14 am

The updated submission from BlackRock has delved deeper into aspects such as the structure of the Trust and the potential regulatory challenges it may encounter. On Monday, both BlackRock, a prominent asset manager, and Bitwise, a crypto investment firm, submitted revised S1 forms to the Securities and Exchange Commission (SEC). These filings aimed to address additional queries likely posed by the SEC during previous interactions.

While the specific topics the SEC sought more information on remain unclear, analysts had anticipated modifications to the initial filings following numerous meetings between the SEC and the applicants the previous week. The filings indicate that both entities are actively working to resolve issues, as highlighted by James Seyffart from Bloomberg Intelligence.

Seyffart noted that the other 11 applicants, including major players like Fidelity, Franklin, and WisdomTree, are anticipated to make similar amendments in the near future. BlackRock's recent adjustments in the filing encompassed various aspects, including security measures, risks, disclosures, and the structure of the Trust. CryptoSlate's observations revealed a total of 21 significant amendments made in the latest update. These changes also addressed potential regulatory impacts on the Exchange Traded Fund (ETF) and outlined strategies for navigating regulatory landscapes in regions such as the UK and the EU.

The SEC is slated to make a decision on the approval of one or more spot bitcoin ETFs between January 5th and January 10th, representing the imminent and ultimate deadline. Bloomberg analysts express a high degree of confidence, predicting a 90% likelihood of the approval scenario unfolding.

Read More: Crypto Surge: Robinhood's Adaptive Odyssey

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