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SEC Kickstarts Approval Process for Spot Bitcoin ETFs: BlackRock, Fidelity Among Applicants

The U.S. Securities and Exchange Commission (SEC) is set to initiate the approval process for Spot Bitcoin ETFs, with eight different applicants listed on the federal register.

The SEC has also invited public feedback through a document released last week.

Leading asset management firms, BlackRock (NYSE: BLK) and Fidelity, are among the entities that have submitted Spot Bitcoin (CRYPTO: BTC) ETF applications in recent weeks.

Despite the influx of applications, the SEC has yet to approve any such service.

However, the involvement of established financial institutions has led some to speculate that this may soon change.

According to CoinDesk, the SEC's approval process for Spot Bitcoin ETFs will officially commence this week, as eight applications have been listed on the Federal Register.

This follows a wave of applications submitted over the past month.

The review process for these applications will kick off once the filings are published on the register.

The Federal Register is a daily publication of the U.S. government that includes executive orders, regulations, agency rules, and other legally required documents.

The eight applicants for Spot Bitcoin ETFs include BlackRock, BitWise, Fidelity, WisdomTree, VanEck, Invesco, Proshares, and Valkyrie.

All of these companies are vying to offer the first approved Spot Bitcoin ETF in the U.S., hoping to break the SEC's longstanding trend of rejecting such applications.

The SEC acknowledged the applications earlier this week, thereby setting the approval process in motion.

However, it's crucial to understand that this acknowledgment does not indicate whether an approval or rejection is imminent.

Rather, it simply signifies that the process has begun.

© 2023 Benzinga does not provide investment advice. All rights reserved.

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