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Financial giant BlackRock has taken a significant stride forward in the competitive race to create a Bitcoin Exchange-Traded Fund (ETF) in the United States. The US Securities and Exchange Commission (SEC) has officially commenced the review process for BlackRock's proposal for a spot Bitcoin ETF. This development marks another encouraging sign that the commission is becoming more open to the idea of cryptocurrency ETFs.
In simple terms, an ETF is an investment fund that tracks specific market indexes and is frequently traded on stock exchanges. In the context of cryptocurrencies, a cryptocurrency ETF is a fund that replicates the value of one or more digital tokens and consists of various types of cryptocurrencies.
On July 14, the SEC disclosed that it had received multiple reviews for Bitcoin ETF proposals, including submissions from entities such as Wise Origin Bitcoin Trust, WisdomTree, VanEck, and Invesco Galaxy. With each new application, the SEC has the opportunity to evaluate and compare unique strategies, facilitating informed decision-making. This influx of applications brings the launch of the first US Bitcoin ETF closer, an event highly anticipated in the crypto space.
BlackRock's position in this race is particularly notable due to its prominence in the financial sector. As part of its Bitcoin ETF proposal, BlackRock has established a "surveillance-sharing" agreement with the renowned cryptocurrency exchange Coinbase.
Currently, the US SEC has not yet approved any Bitcoin ETFs, in contrast to Canada, where three significant funds—Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin—are already operating under regulatory approval. However, the increasing number of filings and the initiation of reviews indicate a shift in the landscape, offering positive prospects for the future of cryptocurrencies in the United States.
