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BlackRock’s Bitcoin ETF: SEC Begins Official Review of Application

Press Releases Crypto News BeInCrypto BlackRock’s Bitcoin ETF: SEC Begins Official Review of Application

The United States Securities and Exchange Commission (SEC) has officially acknowledged receiving spot Bitcoin exchange-traded fund (ETF) applications from traditional financial institutions, including BlackRock and Fidelity.

While the acknowledgment itself does not indicate the regulator’s approval or denial of the pending applications, it represents a significant milestone within the application process.

BlackRock’s CEO Discusses Firm’s Approach to Crypto

Larry Fink, BlackRock’s CEO, said the asset manager must democratize access to investments while comparing Bitcoin ETFs to the advent of gold ETFs. According to Fink, BlackRock’s foray into crypto aligns with its goal of developing user-friendly and cost-effective investment products.

Fink noted that investments in cryptocurrencies could diversify an investor’s portfolio, adding that the asset class has seen increased demand from its global clients.

“[Cryptocurrency] has a differentiating value versus other asset classes, but more importantly, because it is so international it is going to transcend any one currency.”

Fink used to be a prominent critic of the cryptocurrency industry. However, his views of the space appear to have evolved.

BlackRock spearheaded a flurry of traditional institutional firms that submitted Bitcoin ETF applications to the SEC in June.

Will the SEC Finally Approve a Spot Bitcoin ETF?

Over the past years, the SEC has hesitated to approve a spot Bitcoin ETF. The regulator attributes its decision to their inability to prevent fraudulent and manipulative practices.

However, market observers have Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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