sset management firm BlackRock and crypto investment firm Bitwise have recently submitted amended S1 forms to the Securities and Exchange Commission (SEC). These updates, submitted on Monday, include clarifications and additional information, likely in response to the regulator's queries.
SEC's Inquiries and Applicant Responses
Although the specifics of the SEC's requests for additional information remain undisclosed, analysts had anticipated changes following recent meetings between the SEC and applicants. Bloomberg Intelligence’s James Seyffart noted that these filings indicate a concerted effort by both parties to resolve outstanding issues.
Anticipated Amendments from Other Applicants
Seyffart predicts that similar amendments from other applicants, including major players like Fidelity, Franklin, and WisdomTree, are expected soon. This trend suggests a broader move among ETF hopefuls to align with the SEC's requirements.
BlackRock's Comprehensive Amendments
BlackRock's updated filing encompasses a broad range of amendments, covering aspects such as security, risk, disclosures, and the Trust's structure. Notably, the asset management giant made 21 significant changes in its latest submission, according to CryptoSlate. These include addressing potential regulatory impacts and navigating different jurisdictions like the UK and EU.
The SEC's Decision Timeline
The SEC is scheduled to make a decision on the approval of one or more spot Bitcoin ETFs between January 5th and January 10th. This period marks the next and final deadline, with Bloomberg analysts estimating a 90% chance of approval occurring within this timeframe.
Conclusion: Progress Towards Spot Bitcoin ETF Approval
The revised filings by BlackRock and Bitwise represent significant steps towards potential SEC approval of spot Bitcoin ETFs. These updates reflect the applicants' efforts to meet regulatory standards and could pave the way for more mainstream acceptance of cryptocurrency investment products.