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BREAKING: SEC Begins Reviewing Spot Bitcoin ETF Applications

  • According to information from the SEC, spot Bitcoin ETF applications filed by BlackRock, VanEck, Invesco, Fidelity, and WisdomTree are now under review.
  • Initial spot Bitcoin ETF applications, including those from BlackRock and Fidelity, were returned by the SEC due to missing information.
  • The frenzy sparked by BlackRock’s spot Bitcoin ETF application on June 15th has revived positive sentiments and rendered the SEC’s anti-crypto actions unsuccessful.

The U.S. Securities and Exchange Commission (SEC) has started reviewing spot Bitcoin ETF applications submitted by investment management firms.

SEC Initiates Review Process for ETF Applications

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According to the information received, the U.S. Securities and Exchange Commission (SEC) has accepted nearly all spot Bitcoin ETF applications submitted by investment management firms, including BlackRock.

The SEC has begun reviewing spot Bitcoin ETF applications filed by BlackRock, VanEck, Invesco, Fidelity, and WisdomTree, as reported. On July 13th, the SEC had announced the acceptance of Bitwise’s spot Bitcoin ETF application for review.

It is important to note that this acceptance does not mean the ETF applications have been officially approved. The SEC accepting the application files is a formal process, but its significance for the crypto community lies in the fact that the initial spot Bitcoin ETF applications, including those from BlackRock and Fidelity, were returned by the SEC due to missing information.

Subsequently, the companies took action and refiled their spot Bitcoin ETF applications. Meanwhile, during the re-filing of these applications, Cboe and Nasdaq entered into a surveillance agreement (SSA) with Coinbase.

SEC’s Anti-Crypto Moves Backfire

Following Judge Torres’ ruling on July 13th that XRP is not a security in the SEC’s case against Ripple, positive sentiments intensified in the crypto market, leading to a surge in prices, including XRP.

The price of XRP nearly doubled, surpassing $0.93. Bitcoin price touched above $31,800 but experienced a slight decline and is currently trading around $31,300.

SEC’s actions were not limited to Ripple alone; last month, the SEC filed lawsuits against the Binance and Coinbase exchanges. These lawsuits created shockwaves in the crypto market. However, the frenzy sparked by BlackRock’s spot Bitcoin ETF application on June 15th revived positive sentiments and rendered the SEC’s anti-crypto actions unsuccessful.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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