The post BlackRock and Bitwise Update Spot Bitcoin ETF Applications with SEC appeared on BitcoinEthereumNews.com.

Market analysts interpret these recent filings as indications of the ongoing collaborative efforts between the SEC and major issuers to navigate the regulatory landscape. In a recent development, asset managers BlackRock Inc (NYSE: BLK) and Bitwise have submitted amended filings to the US Securities and Exchange Commission (SEC) for their proposed spot Bitcoin (BTC) Exchange-Traded Funds (ETFs). BlackRock Inc’s Bitcoin ETF Strategic Moves The revised documents, now accessible on the SEC website, point to ongoing discussions between the SEC and major market players regarding the approval of a spot Bitcoin ETF. Analysts view these updates as strategic maneuvers aimed at tailoring the applications to meet the regulatory criteria, indicating a collaborative effort to address concerns and move closer to regulatory approval. One notable inclusion in BlackRock’s updated filing is the emphasis on monitoring unusual price movements within the proposed ETF. The trust administrator plans to implement robust measures to detect and respond to any irregularities in the Bitcoin market. Additionally, the application now highlights a commitment to Anti-Money Laundering (AML) compliance. BlackRock has incorporated an audited statement from PricewaterhouseCoopers, showcasing the company’s dedication to meeting the highest standards of financial integrity. This move aims to reassure regulators and investors about the legitimacy and security of the proposed ETF. The updated filing also hints at BlackRock’s commitment to working exclusively with third-party service providers who have undergone a rigorous Know Your Customer (KYC) compliance process. These providers include Authorized Participants, Market Makers, Prime Brokers, and Bitcoin Custodians. The due diligence process ensures that these entities meet the necessary regulatory standards, promoting transparency and accountability in the operation of the proposed Bitcoin ETF. Markedly, BlackRock’s new filing highlights that the business has secured $100,000 in seed capital for its proposed Bitcoin ETF, iShares Bitcoin Trust. The undisclosed investor agreed to purchase $100,000…

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Filed under: News - @ December 6, 2023 2:20 am