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BTC: BlackRock and Bitwise update their Bitcoin Spot ETF applications

Bitcoin: BTC: BlackRock and Bitwise update their Bitcoin Spot ETF applications

Asset management company #BlackRock and cryptocurrency investment firm #Bitwise have recently submitted revised forms to the U.S. Securities and Exchange Commission (SEC). These updates were made in response to questions raised by the SEC during previous meetings. Bloomberg Intelligence's James Seyffart suggests that these filings demonstrate the active efforts of both parties to address the concerns raised.

BlackRock's updated application encompasses various modifications, encompassing areas such as security, risk, disclosures, and the structure of the Trust. In total, 21 significant adjustments were made in BlackRock's latest update. These changes include considerations of potential regulatory impacts on the exchange-traded fund (ETF) and strategies for navigating regulatory frameworks in other jurisdictions, including the UK and EU.

The #SEC is expected to decide on approving spot #Bitcoin ETFs by January 5 to 10, with analysts giving it a 90% likelihood. This decision is highly awaited by the cryptocurrency community, as it has the potential to signify a significant shift in the acceptance of digital assets within traditional financial markets.

BlackRock and Bitwise, along with 11 other applicants including Fidelity, VanEck, Franklin, and WisdomTree, have made efforts to align their ETF proposals with regulatory requirements. Their actions demonstrate a collective effort to meet the necessary criteria. This period is crucial for the future of spot Bitcoin ETFs and could serve as a turning point in integrating cryptocurrencies into traditional financial structures.

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