The SEC is under pressure to accept ETF applications as the deadline approaches. They have already accepted BlackRock's resubmission, sparking speculation that it could be approved. The world's largest asset manager had submitted its original application in June.
However, the SEC rejected the application, prompting BlackRock to revise it. The updated application includes a “surveillance sharing” provision with Coinbase, addressing one of the SEC’s main concerns about the initial application. In addition to BlackRock’s spot Bitcoin ETF application, the SEC must also make decisions on other applications.
Other applications under consideration include the WisdomTree Bitcoin Trust, the VanEck Bitcoin Strategy ETF, the Invesco Galaxy Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Trust. The review process officially begins when an application is included in the Federal Register.
The initial deadline for approval or rejection is 45 days, but can be extended to 240 days. In addition, there is no guarantee that the SEC will approve any application submitted. However, BlackRock's application has caused considerable optimism about approval. While US regulators are still considering approval, Europe has made progress with its much-anticipated and long-delayed spot Bitcoin exchange-traded fund set to launch later this year.
The ETF was filed by Jacobi Asset Management, a London-based multi-asset investment platform, and was originally scheduled to be listed on Euronext Amsterdam in July 2022. However, the launch was postponed indefinitely due to unfavorable market conditions caused by the collapse of the Terra ecosystem and the FTX exchange.