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BlackRock and Bitwise Submit Applications for Spot Bitcoin

BlackRock, a major asset management firm, submitted a revised S-1 filing to the Securities and Exchange Commission (SEC) on Monday for its proposed spot Bitcoin ETF, following a similar action by Bitwise.

Blackrock and Bitcoin coin
Bitcoin Coin l Miningstore Australia

Analysts perceive these recent developments as indicative of ongoing discussions within the regulatory body, despite the SEC’s history of delaying and not yet approving any spot Bitcoin fund applications.

James Seyffart, an analyst, mentioned on Twitter, “The wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man-hours on both sides.”

BlackRock’s updated filing introduced new content outlining measures by the trust administrator to monitor unusual price fluctuations. It also included language related to anti-money laundering compliance and an audited statement by PricewaterhouseCoopers.

The updated filing mentioned, “The Sponsor and the Trust will only interact with known third-party service providers who have undergone a thorough due diligence process, such as the Authorised Participants, Market Makers, Prime Broker, and Bitcoin Custodian, to ensure a robust KYC process.”

Bitcoin’s recent significant surge aligns with speculation suggesting potential SEC approval for a spot fund. With a market capitalization, the leading global cryptocurrency has surged by 20.6% in the last month and is presently trading just below $42,000.

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