BlackRock Gets Approval From US Regulators To Open Bitcoin ETF

BlackRock will launch Bitcoin ETF. (Photo; Dock. Cryptocartel)

JAKARTA - The United States Securities and Exchange Commission (SEC) has accepted a proposal from asset manager Blackrock to apply for the Exchange-Trad Fund (ETF) Bitcoin. The move shows that regulators are seriously considering Bitcoin ETF and could pave the way for adoption of crypto assets and other crypto products in the United States market.

Application submission of Bitcoin Blackrock ETF to the SEC is officially registered and will open a 21-day period for public comment filing on the proposal. During this period, comments will be studied and analyzed by the SEC before further decisions are taken.

Blackrock, as the world's largest asset management company, submitted this application in mid-June. This move is becoming important because the SEC is currently taking a crackdown on crypto platforms deemed to violate US securities laws by offering digital assets as unregistered securities.

Blackrock's filing includes cooperation with the leading US crypto exchange Coinbase, which will act as a custodian for the Bitcoin Trust Ishares, which consists mostly of Bitcoin.

Apart from Blackrock, several other companies have also applied for Bitcoin ETFs, including Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity. Some of these applications have also been received by the SEC.

Although the SEC previously rejected Bitcoin ETF approval in the US, market participants hope that with the number of apps submitted and the position of Blackrock as a leading company, there is a greater chance that Bitcoin ETF will be approved this time. For example, Canada has approved Bitcoin ETF.

Not only in the US, reports from the Financial Times revealed that Europe also hopes to have its first Bitcoin ETF by the end of July. This product is expected to be registered by Jacobi Asset Management after a year-long delay and has been passed on Guernsey, jurisdiction on the island of Channel, to avoid regulatory barriers in the EU.