BlackRock's Bitcoin ETF: The SEC accepts its application for review

The SEC, often known for its outbursts against companies operating in the crypto market, has just made a big decision. The American regulator has just accepted BlackRock’s application for a Bitcoin exchange-traded fund (ETF). This decision could mark a new turning point in the institutional adoption of bitcoin (BTC).

SEC adds BlackRock’s Bitcoin spot ETF application to its list

The SEC probably takes a different view of BlackRock’s project. In June, BlackRock submitted an amended Bitcoin ETF application that raised the regulator’s concern. Indeed, the Securities and Exchange Commission questioned the applications of the asset manager as well as other companies because of their incomplete files.

However, on July 13, the US market regulator added BlackRock’s Bitcoin ETF application to its list of proposals for the Nasdaq stock market. This marks a major step forward, as it clearly demonstrates the SEC’s intention to take the application seriously.

However, it should be remembered that it comes shortly after the updated application’s oversight sharing agreement. For the latter cites crypto exchange Coinbase as the beneficiary. Even so, approval of a Bitcoin spot ETF is still a long way off.

What if Europe were to get ahead of the USA?

BlackRock is the world’s largest asset manager. With over $9.4 trillion in assets, the company has much to boast about. But it’s not content to rest on its laurels, as it sets its sights ever higher. On June 15, it increased optimism of greater institutional adoption of bitcoin (BTC) by filing its first Bitcoin spot ETF.

But while the SEC approved the first Bitcoin futures ETF on June 23, the spot ETF will have to wait. And on this point, Europe is about to overtake the USA. According to the Financial Times, Europe’s first spot Bitcoin ETF is due to be listed this month. With news like this, the project’s 12-month delay becomes insignificant.

A Bitcoin ETF, in addition to trading on traditional exchanges, allows investors to invest in BTC without holding tokens. The fact that the SEC has accepted BlackRock’s application for review is already a victory in itself, as it paves the way for possible mass adoption in the future.