Following the SEC stating that recent filings were inadequate, all spot Bitcoin ETF proposals have been submitted.
With the ball back in the SEC’s court, will the latest updates to lead to a slam dunk approval with the chief US regulator, or another ruthless rejection?
BlackRock Spot Bitcoin ETF Resubmitted Along With Others
Weeks ago, $10+ trillion AUM investment giant BlackRock revealed it had filed with the SEC for approval on a spot Bitcoin ETF. Despite BlackRock being approved for 575 ETFs to one denial, the SEC claimed the filing, along with others, weren’t adequate.
However, a new chart shows that the BlackRock iShares Bitcoin Trust has been resubmitted, along with all other spot BTC ETFs. Other filings include firms such as Cathie Wood’s ARK Invest, Bitwise, VanEck, Fidelity, and Valkyrie Investments.
All of the spot #Bitcoin ETF filings have been resubmitted
The ball is back in the SEC’s court
pic.twitter.com/H3GCrFPUYb
— Bitcoin Magazine (@BitcoinMagazine) July 5, 2023
The SEC’s next major deadline to respond begins in late August and each will receive a response before the first full week of September has ended. But will these resubmitted ETFs be a slam dunk with the SEC, or face further rejection?
The SEC And The Domino Effect Of Approvals
In a new interview with CNBC, BlackRock CEO Larry Finks said he hopes regulators look at the spot ETF filings as a way to democratize crypto. The fact Fink is campaigning for the SEC’s approval publicly speaks volume’s about the firm’s intent.
The most respected name in asset management vying for a Bitcoin ETF puts pressure on the SEC to approve what would be a major moment for cryptocurrencies as a mainstream investment class. Otherwise, the regulator risks revealing its agenda to take the legs — and innovation — out of the crypto market.
I think the SEC should do it that way if they are going to get approved. Think the SEC is cognizant of not wanting to be called a kingmaker.. so its possible they acknowledge these all on the same day or right around same day.
— James Seyffart (@JSeyff) July 5, 2023
According to Bloomberg Intelligence analyst James Seyffart, it won’t likely just be BlackRock to be approved, if there is indeed an approval. Instead, he claims the SEC will want to avoid a “kingmaker” situation, essentially distancing itself from accusations of favoritism.
This scenario suggests that once one domino falls, the rest are going to begin tumbling too. The potential implications of this are significantly bullish, considering the scarcity of Bitcoin and sudden number of spot ETF approvals.