BlackRock has resubmitted an updated version of its spot Bitcoin ETF filing. This submission falls under its subsidiary, iShare Bitcoin Trust, and was officially filed with the U.S. Securities and Exchange Commission (SEC) on December 4.
Following suit, Bitwise, recognized as the largest crypto index fund manager, made a similar move by submitting its updated ETF filing merely an hour before BlackRock’s revised submission.
SEC Likely in Consultation with Bitcoin ETF Issuers
Bloomberg analyst James Seyffart shared insights into the situation, suggesting that the SEC is likely engaging in discussions with multiple spot Bitcoin ETF issuers. According to Seyffart, these ongoing discussions may involve the issuance of instructions, given the consecutive publication of amendments by various ETF applicants.
BlackRock’s Comprehensive Application Update
BlackRock’s updated filing includes notable enhancements to its iShare Bitcoin Trust application. In addition to efforts to bolster the trust’s capacity for monitoring and administering unusual price movements, the company has also made updates to its anti-money laundering compliance protocols.
Seyffart commented on the situation, stating,
Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man-hours on/between both sides.
Pursuing Regulatory Alignment While Anticipation Builds for Possible Bitcoin ETF Approval
Given that the SEC has yet to greenlight any spot Bitcoin ETF applications from the numerous contenders, the consistent updates and revisions to these filings suggest ongoing efforts to align with regulatory expectations. Moreover, the meticulous attention to compliance details and transparency signals a collective determination to address any concerns raised by regulatory authorities.
Further, with multiple major players in the cryptocurrency sector actively resubmitting their ETF filings, industry observers and enthusiasts alike are beginning to speculate that the regulatory landscape may be evolving.
The collective efforts and continued engagement between issuers and the SEC raise hopes that at least one spot Bitcoin ETF could secure approval in the near future, marking a significant milestone in the integration of crypto assets into traditional investment frameworks.