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The US Securities and Exchange Commission (US SEC) has accepted six Bitcoin ETF proposals for review

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July 19 (Reuters) – The U.S. Securities and Exchange Commission (SEC) has accepted applications to create bitcoin spot ETFs from six companies including BlackRock (BLK.N) for review, the first step in the agency’s process to decide whether or not to approve the round. The last of the proposals.

The SEC has also formally approved applications from Bitwise, VanEck, WisdomTree (WT.N), Fidelity, and Invesco (IVZ.N) for bitcoin ETFs, with those proposals appearing on the record. Federal on Tuesday and Wednesday.

The SEC previously rejected dozens of spot Bitcoin ETF applications, saying the proposals did not meet anti-fraud and investor protection standards.

But Nasdaq (NDAQ.O) — where BlackRock has proposed listing its ETFs — said earlier this month that it would address those concerns by working with Coinbase, the largest US-based crypto exchange, to monitor trading in the bitcoin core market. Similar filings from CBOE Global Markets (CBOE.Z) also suggested a similar monitoring arrangement.

The first bitcoin futures ETF was approved in October 2021, helping to send volatile bitcoin to an all-time high of $69,000 in November 2021.

Spot ETFs track the price of cryptocurrency directly, while futures-based ETFs track the price of bitcoin futures.

(Reporting by Hannah Lang in Washington). Editing by Andrea Ricci

Our Standards: The Thomson Reuters Trust Principles.

Hannah Lang covers financial technology and cryptocurrency, including the companies driving industry developments and the policies that govern the sector. Hannah previously worked at American Banker where she covered banking regulation and the Federal Reserve. She is a graduate of the University of Maryland, College Park and lives in Washington, DC.

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