Crypto news

SEC Delays BlackRock’s Bitcoin ETF, 7th Application Delayed

Global asset manager BlackRock’s application for a Bitcoin exchange-traded fund (ETF) has been postponed by the United States Securities and Exchange Commission (SEC).

BlackRock, a renowned firm managing over $8.5 trillion in assets,

filed for an ETF called iShares Bitcoin Trust in June.

The application included Coinbase as the intended custodian for the fund’s Bitcoin holdings,

while the Bank of New York Mellon was designated for managing its fiat accounts.

BlackRock’s application emphasized the benefits of ETF shares in overcoming the complexities and operational burdens associated with direct Bitcoin investments.

The delay in approving the ETF follows a petition by cryptocurrency asset manager Grayscale Investments,

seeking to overturn an initial SEC decision that rejected the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on August 29.

The crypto community has been eagerly anticipating the approval of a spot Bitcoin ETF backed by BlackRock,

the world’s largest asset manager, as it would signify a significant step towards adoption.

However, the SEC has decided to delay the process, granting an additional 45-day period,

starting from the publication in the Federal Register, to either approve, deny, or further postpone the BlackRock application.

The new deadline for a decision is set for October 17.

In a related development, the SEC has also extended the review period for several other Bitcoin ETF applications.

WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity have all been subjected to a longer review process, following the SEC’s decision on August 31.

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