SEC’s Dialogue With Wall Street Behemoth BlackRock Regarding Spot Bitcoin ETF Application Continues – Approvals Coming in January?
Officials from the US Securities and Exchange Commission (SEC) met with three employees of BlackRock on Thursday to discuss the asset manager’s application to set up a spot Bitcoin Exchange Traded Fund (ETF), as per a memorandum released by the SEC on Friday.
Blackrock met with the SEC again at Dec 14 for their iShares #bitcoin #etf. No presentations this time.. will they try to fight more for in-kind..?https://t.co/0apRkEna34 pic.twitter.com/mLXaBmn13B
— NLNico (@btcNLNico) December 15, 2023
News that the US regulator continues its dialogue with BlackRock should keep optimism high that spot Bitcoin ETF approvals will come sooner rather than later.
BlackRock first applied to set up a spot Bitcoin ETF, which will be called the iShares Bitcoin Trust, back in June, triggered a surge in the Bitcoin price at the time.
A dozen other asset managers quickly followed with their own applications.
The application from BlackRock was deemed a turning point for sentiment in the Bitcoin market this year, given the asset manager’s clout on Wall Street and amongst regulators.
Up until now, the SEC has either rejected or delayed all spot Bitcoin ETF applications citing concerns about potential manipulation of the spot market.
But BlackRock is the biggest name on Wall Street and has historically only ever applied to set up ETFs if it is certain they will gain approval.
What differentiates BlackRock’s application from those that came before it (and the applications of a dozen other asset managers that were filed shortly after BlackRock’s) is a new mechanism for monitoring trade, which theoretically should make market manipulation harder.
Expectations that spot Bitcoin ETFs, including BlackRock’s, will gain approval in 2024, spurring a wave of new
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