SEC accepts Bitcoin ETF applications and starts review process

The Bitcoin spot ETF has not yet been approved, but a step in the right direction has been taken. BlackRock and Co. are clearing the next regulatory hurdle as the SEC reviews applications.

The U.S. Securities and Exchange Commission (SEC) has accepted BlackRock's application for a Bitcoin Spot ETF. The acceptance marks the beginning of the official review process. This means that the Bitcoin spot ETF application from the world's largest asset manager has not yet been approved. But BlackRock has overcome the first hurdle in a lengthy process with the SEC.

Financial giant Blackrock is not the only one. The SEC is also reviewing applications from several funds, including WisdomTree, VanEck and Invesco. A race has broken out for first approval between the world's largest asset managers. Each wants to be the first to market the investment product. One advantage for the crypto industry: with so many applications, the chances of success are increasing. The various ETF applications are forcing the SEC to scrutinize them closely, especially since the authority has come under even more fire since its defeat in the Ripple legal dispute.