Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Fidelity revised the application following the SEC’s feedback on the Bitcoin ETF submission.
- The trading volume of BTC has seen a significant increase of over 100.02%.
Fidelity, a prominent global asset manager, has recently submitted its application for a Spot Bitcoin ETF. The U.S. Securities and Exchange Commission indicated that the submissions for Bitcoin exchange-traded funds (ETFs) by Blackrock and Fidelity lacked clarity and thoroughness. In response to the SEC’s remarks, Fidelity has amended its application.
The SEC noted that the recent proposals from Blackrock and Fidelity to establish spot bitcoin exchange-traded funds (ETFs) were considered insufficient. Additionally, the SEC has stated that exchanges are permitted to submit the filings. Following this announcement, Fidelity has revised its filing.
On July 1, Fidelity identified Coinbase, the leading cryptocurrency exchange, as its Self-Supporting Account (SSA) partner in the revised Spot Bitcoin ETF application. In light of the SEC’s feedback, Fidelity promptly updated its application, incorporating Coinbase as its SSA counterpart in the modified filing.
Related Posts
Coinbase Joins the Spot Bitcoin ETF
The four issuers are part of eight companies, including Fidelity, aiming to launch the initial series of US spot Bitcoin ETFs. The prominent crypto exchange, Coinbase, is set to provide market surveillance for each of the four funds, a detail that was absent in earlier versions.
Other issuers, including BlackRock, have refrained from confirming Coinbase’s involvement. However, in the revised Spot Bitcoin ETF application, Fidelity has designated Coinbase as its SSA. Participation in the new range of ETFs offered by Coinbase could lead to increased revenue during a period when transaction volumes on crypto exchanges are low.
Following the Blackrock submissions, seven additional firms have filed for spot Bitcoin ETFs with the SEC. This trend highlights the growing interest of traditional financial services companies in entering the digital asset market.
At the time of this report, Bitcoin is trading at approximately $30,472, reflecting an increase of over 0.10% in the past 24 hours. Furthermore, the trading volume of BTC has surged significantly by over 100.02%, according to CoinMarketCap.
Highlighted Crypto News Today:
BTC Experiencing a Downtrend: Examining the Catalysts Behind Bitcoin’s Current Drop
