SEC to review Bitcoin ETF applications

The U.S. Securities and Exchange Commission (SEC) has initiated the review process for the latest round of applications for bitcoin exchange-traded funds (ETFs). While the SEC recently published documents inviting public comments, the formal review period begins once the filings are published in the federal register.

Of particular interest to the SEC are the five Bitcoin ETF applications submitted by Cboe, namely Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. This move demonstrates the SEC’s intent to gather feedback and perspectives from stakeholders regarding these applications.

The SEC’s review of these bitcoin ETF applications reflects its ongoing examination of the regulatory landscape surrounding cryptocurrency investment products. The outcome of this review process will have a significant impact on the availability and potential accessibility of Bitcoin ETFs for investors in the future.

In other news, the shares of cryptocurrency exchange Coinbase witnessed a notable surge, experiencing a rise of up to 16%. This surge followed Coinbase’s agreement with Cboe’s BZX Exchange to maintain a surveillance-sharing arrangement related to the five ETF applications mentioned earlier.

Furthermore, BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) has been officially added to the Securities and Exchange Commission’s docket as part of the proposed rule change process. This development marks a significant advancement for one of the most closely monitored Bitcoin-related proposals submitted to the SEC thus far.

In response to the SEC’s feedback on the initial application, BlackRock submitted a revised version addressing the concerns. The updated application includes a provision for “surveillance sharing,” where the Coinbase crypto exchange would monitor and report potential illicit activities, addressing the SEC’s concerns.