SEC Initiates Review of Recent Bitcoin ETF Applications

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

The SEC has specifically requested feedback on the five bitcoin ETF applications filed by Cboe, which include Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. This indicates the SEC’s intention to gather insights and opinions from stakeholders regarding these applications.

Coinbase stock surged following the BXZ agreement

In related news, the shares of cryptocurrency exchange Coinbase experienced a significant surge, rising by as much as 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 above.

The SEC’s review of these latest bitcoin ETF applications demonstrates an ongoing examination of the regulatory landscape surrounding cryptocurrency investment products. The outcome of this review process will play a crucial role in determining the availability and potential accessibility of Bitcoin ETFs to investors in the future.

In other news, 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, recorded late Thursday, represents a significant step forward for one of the most closely-watched Bitcoin-related proposals submitted to the SEC thus far.

In response to the SEC’s indication that improvements were needed in BlackRock’s initial application, the company submitted a revised application. The updated version included a “surveillance sharing” provision, whereby the Coinbase crypto exchange would monitor and report potential illegal activities, addressing the SEC’s concerns.

These developments highlight the ongoing efforts within the industry to introduce regulated Bitcoin ETFs, and the involvement of major players like BlackRock further underscores the growing interest in offering such investment products. The SEC’s review of these applications will be crucial in determining the future of spot Bitcoin ETFs and their potential impact on the broader cryptocurrency market.