SEC and BlackRock Conversation: A Step Towards Spot Bitcoin ETF

• SEC in Talks with Major Financial Firms Over Bitcoin ETFs Approval
• Third Meeting for BlackRock with the SEC
• Fidelity Investments Discusses Spot Bitcoin ETF Application
• Anticipation Builds as SEC Reviews Growing Bitcoin ETF Applications
• Thirteen Firms Await Regulatory Decision on Bitcoin ETFs

SEC in Talks with Major Financial Firms Over Bitcoin ETFs Approval

High-ranking financial corporations have engaged with the Securities and Exchange Commission (SEC) in the past week to discuss the approval of their proposed Bitcoin$42,260 -0.64% Exchange Traded Funds (ETFs). Notably, BlackRock, the global leader in asset management, discussed its Spot Bitcoin ETF with the SEC recently, marking the third meeting in a span of three weeks. Additionally, investment management firms Franklin$0.0015 -3.24% Templeton and Fidelity had dialogues with regulators last week, while Grayscale Investments had its session the week prior.

Third Meeting for BlackRock with the SEC

ETF analyst James Seyffart revealed that BlackRock met with the SEC for the third time in recent weeks. The meeting included representatives from the SEC's Division of Trading and Markets and the Division of Corporate Finance. These two divisions hold pivotal roles in determining whether to approve or reject proposed rule changes and registration statements for new ETFs.

Fidelity Investments Discusses Spot Bitcoin ETF Application

In a recent meeting, Fidelity Investments discussed its pending spot bitcoin ETF application. The firm also presented the SEC with details regarding the operational processes it would employ for the ETF if given approval.

Anticipation Builds as SEC Reviews Growing Bitcoin ETF Applications

With a broadening roster of Bitcoin ETF applications under review by the SEC, including from Fidelity, BlackRock, Grayscale, and others, there's growing anticipation for potential imminent approval. The possibility of introducing the first spot bitcoin ETF has already driven crypto prices upwards, causing Bitcoin to spike over $44,000 recently. Nevertheless, the price has since fallen to $40,900.

Thirteen Firms Await Regulatory Decision on Bitcoin ETFs

Currently, thirteen firms are awaiting the SEC's verdict on their proposed Bitcoin funds. So far, the regulatory body has consistently either rejected or postponed decisions on spot bitcoin ETFs for various reasons. However, the string of recent meetings indicates increasing momentum and pressure on the SEC to finally greenlight a spot bitcoin ETF in the U.S.

Edited by Jonathan Stoker