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- According to the CEO of BlackRock, Bitcoin is regarded as the new gold and a worldwide asset.
- Staff members of the US SEC frequently engage with ETF applicants to offer further clarity on their stance.
Next week, the U.S. SEC is scheduled to meet with BlackRock, Fidelity Investments, and other registrants of spot Bitcoin ETFs. Following the resubmission of their applications to the U.S. SEC, all hopefuls for the spot ETF have now incorporated details regarding their surveillance-sharing partners and other necessary requirements.
Bloomberg’s ETF analysts Eric Balchunas and James Seyffart tweeted on Tuesday that they had a reliable source regarding the upcoming meeting between the U.S. Securities and Exchange Commission and Bitcoin ETF applicants. Balchunas believes that a discussion is essential to explore the possibilities of a spot Bitcoin ETF and the regulatory adjustments needed.
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After an official submission, US SEC staff typically meets with ETF applicants to determine approval or denial and to provide additional clarity on their position. However, the cryptocurrency industry would significantly benefit from a meeting aimed at approving spot Bitcoin, as the SEC under Chair Gary Gensler has consistently turned down a spot Bitcoin ETF while permitting other similar ETFs.
Last month, the US SEC approved the first leveraged Bitcoin futures exchange-traded fund, the Volatility Shares 2x Bitcoin Strategy ETF, following a surge in Bitcoin ETF applications.
Now that they are aware of the specifics of their surveillance-sharing agreements, several companies have resubmitted their spot Bitcoin ETF applications. Meanwhile, on Wednesday, BlackRock CEO Larry Fink remarked that the firm’s ETF application serves as a “means to democratize crypto and reduce costs.”
He stated that Bitcoin is the new gold and a global asset. BlackRock is pursuing the establishment of the first Bitcoin exchange-traded fund (ETF) and aims to work with regulators to achieve this. According to Bloomberg’s analysts, trading a Bitcoin ETF will incur only a 0.01% fee across all major crypto platforms.
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