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BlackRock, VanEck & Others Quickly Amend Bitcoin ETF Proposals After Fast SEC Feedback

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Bitcoin ETF Proposals

Some of the largest asset managers in the United States updated key documents for their bitcoin exchange-traded fund (ETF) applications just one day after receiving feedback from the Securities and Exchange Commission (SEC). BlackRock, VanEck, Invesco, Galaxy Digital and other issuers looking to launch bitcoin ETFs revised important sections of their filings on Tuesday in response to comments sent by the regulator the prior evening. The enthusiasm with which these firms amended their applications within a short 24-hour timeframe indicates unprecedented engagement between the SEC and prospective issuers on the consequential issue of a bitcoin ETF approval in America.

Mitigating Risk and Addressing SEC Queries

Based on reports, it seems the SEC delivered queries to several firms seeking to offer spot bitcoin ETFs on Monday evening, just hours after they had submitted key paperwork outlining proposed fees. Revisions made in the latest filings on Tuesday focused on modifying language to lessen possible damage to shareholders from insolvency situations and avoid any conflicts of interest relating to authorized participants. Additionally, Invesco and Galaxy Digital lowered the annual fees they intend to charge investors from 0.59% to 0.39% apiece. Through modifying sections on risk mitigation and expense ratios identified by the regulator, the issuers demonstrated responsiveness to SEC worries in short turnaround times.

Bitcoin ETF Proposals

Unprecedented Engagement Signals

Major asset managers exhibited an unprecedented level of eagerness by revising essential sections of their ETF applications within 24 hours following feedback from the SEC. Never before had filings followed comments and then been improved in such rapid succession. It signifies extensive dialogue between regulators and prospective issuers on crafting proposals that successfully address longstanding SEC concerns over matters like custody of crypto assets and potential market manipulation. The swift cycle indicates firms earnestly attempting to have their spot bitcoin ETF applications approved while also conveying that the SEC is meticulously reviewing each one.

Impending Deadline May Lead to Bundle Approval

Bitcoin ETF Proposals

With the deadline for the Ark 21Shares ETF application arriving today on January 10th, 2024, the SEC faces the conclusion of its examination process for the 13 pending bitcoin ETF proposals under review. It is widely expected that the regulator will look to approve these applications together in a bundled decision to treat each proposal fairly and close this lengthy bitcoin ETF review chapter. Any approvals would mark a historic milestone, allowing mainstream investors access to cryptocurrency markets through familiar ETF structures for the first time.

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Monique Morgan is a seasoned financial analyst and cryptocurrency expert, well-versed in blockchain technology. With a proven track record of success, she excels in identifying profitable opportunities within the dynamic crypto market. Through her articles, guides, and educational resources, Monique shares her valuable insights and knowledge, empowering traders to make informed decisions. Her keen eye for market patterns allows her to navigate the volatile crypto landscape with confidence, making her a sought-after contributor to the Ailtra platform. Stay tuned for Monique's expert advice and perspectives on the ever-evolving world of cryptocurrencies.
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