In just a few days, the Securities and Exchange Commission (SEC) has been hit with five applications to launch spot cryptocurrency exchange-traded funds. Related to the filing of the largest asset management company BlackRock. Many analysts believe that this company has the best chance of approval of the cryptocurrency ETF. So other firms have submitted their applications in the hope that they will be approved against this backdrop as well.
It is worth noting that after that the rate of the first cryptocurrency increased markedly and now BTC is trading above $30,000 per coin. Cryptocurrency traders expect that if the SEC approves spot ETFs on bitcoin, a significant amount of funds will flow into the market and the value of bitcoin will continue to rise.
Recall that BlackRock applied to launch the iShares Bitcoin Trust on June 15. The paper stresses that previously approved products traded on the spot exchange in the commodities and foreign exchange markets “are generally unregulated, and the SEC relies on the futures market.”. Therefore, the company sees no obstacles to approving such a spot ETF.