• The United States Securities and Exchange Commission (SEC) has begun reviewing applications for 6 spot Bitcoin ETFs.
• These applications have been filed by major finance players, including BlackRock and Fidelity Digital Assets.
• SEC approved a futures Bitcoin ETF in October 2021, however no spot BTC ETF has yet been approved.
US SEC Reviews Spot Bitcoin ETF Applications
The United States Securities and Exchange Commission (SEC) has reportedly started to review several applications for spot Bitcoin exchange-traded funds (ETF). Companies such as BlackRock, Fidelity Digital Assets, VanEck, Invesco, WisdomTree and Bitwise have all filed proposals with the securities regulator.
Previous Attempts at Launching a Spot BTC ETF
Despite previous attempts by other companies to launch a spot BTC ETF in America, the SEC has not yet given its approval. However, the commission did give its blessing on a future’s one in October 2021 – shortly before Bitcoin’s all-time high of nearly $70k was reached.
Having BlackRock as one of the applicants aiming to release a product like this brought optimism into the industry and positively impacted the market. This is due to its standing as one of the top finance giants globally.
Next Steps for Spot BTC ETFs
Although the agency is still considering whether or not it will approve launching a spot BTC ETF in America, it continues to review applications from these companies listed above. The outcome of this process will determine if these products can become available for purchase on American markets anytime soon.
Only time will tell if any of these firms are successful in their mission to bring a spot BTC ETF into existence within US borders. In any case, this marks an exciting development for both investors and crypto enthusiasts alike!