Anticipating SEC Approval: BlackRock and Bitwise Revamp Bitcoin ETF Applications – Coinpedia Fintech News
The race for a spot Bitcoin ETF approval just heated up with BlackRock and Bitwise throwing their hats into the ring! The recent moves by BlackRock and Bitwise, two major players in finance, signal a noteworthy step in pursuing a spot in Bitcoin ETF. Their amended filings suggest ongoing conversations and potential progress toward SEC approval. These filings, laden with updated language on monitoring unusual price movements and anti-money laundering measures, reflect a commitment to addressing regulatory concerns.
What’s The Amendment All About?
Bloomberg ETF Strategist James Seyffart reports BlackRock has submitted an S-1 amendment, signaling its entry into the Bitcoin ETF market, amidst SEC coordination. The updated BlackRock filing outlines measures the trust administrator will take to monitor unusual price movements, emphasizes anti-money laundering compliance, and includes an audited statement from PricewaterhouseCoopers. The sponsor and trust will only interact with known third-party service providers who have undergone due diligence to ensure thorough KYC, such as Authorized Participants, Market Makers, Prime Broker, and Bitcoin Custodian.
Applicants are investing significant time and effort in Bitcoin ETF talks, despite regulatory intricacies. Recently Bitwise also filed a similar filing to stay in the competition. All this happening as the US SEC met Grayscale, BlackRock, and other applicants, and BlackRock has provided a $100K seed capital for its Bitcoin ETF. Who wins the ETF race will be interesting to know.
Bitcoin ETF Rumblings
In the meantime, Bitcoin’s recent surge, nearly hitting $42,000, has everyone buzzing with excitement. Why? Well, it’s not just the price jump; it’s the whispers that the SEC might finally give a thumbs-up for a spot Bitcoin ETF by January 10, 2024. This could be the boost that propels Bitcoin into uncharted price territory. Introducing a Bitcoin ETF could also boost institutional inflows. Institutional products may attract $20-30 billion in Bitcoin due to enthusiasm. Due to Bitcoin’s limited float and systematic scarcity, this flood could boost its market value.
Despite the complexity of the regulatory landscape, these continuous filings and engagements emphasize a collective effort among market players and regulatory authorities. The goal remains clear: to navigate this intricate terrain and secure the eventual approval of a Bitcoin ETF. These developments underscore the concerted efforts invested by applicants, emphasizing the importance of addressing regulatory concerns for broader market access.
Analysts and experts are eyeing key price levels like $48,000 and $52,000, anticipating potential milestones if the SEC approves a spot Bitcoin ETF. However, the exact impact of this anticipated approval on Bitcoin’s price trajectory remains uncertain, highlighting the significance of regulatory developments in shaping the cryptocurrency landscape.
Source: Read Full Article
