US SEC accepts six spot bitcoin ETF proposals for review

According to Reuters, the US securities regulator has officially recognized the applications of several prominent firms, including BlackRock, VanEck, WisdomTree, Fidelity Digital Assets, Bitwise, and Invesco. All of these companies have sought approval to introduce a spot BTC ETF (Bitcoin Exchange-Traded Fund) in the United States.

Despite previous attempts from other companies, the Commission has so far withheld approval for such a product.

While the agency is currently considering the possibility of launching a spot BTC ETF in the country, it has already given the green light for a futures-based ETF. In October 2021, the ProShares Bitcoin Strategy ETF received approval – this occurred a few weeks before Bitcoin reached its all-time high, nearing $70,000.

The inclusion of BlackRock, a company with a remarkable track record of 576 ETF applications filed with the SEC and only one rejection, was seen as a significant development in the effort to release a spot BTC ETF. This raised expectations among many prominent figures who believe that this time, the regulatory watchdog will grant approval for such an ETF.

One notable individual expressing this sentiment is Jay Clayton, the former Chairman of the US SEC. Clayton stated that the agency would likely give the green light to the spot BTC ETF if the interested parties can demonstrate that the product offers sufficient safety and security for investors. This positive outlook has added to the anticipation surrounding the potential approval of a spot BTC ETF in the United States.

“If you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a Bitcoin ETF,” the American concluded.”

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