The US Securities and Exchange Commission (SEC) is seeking public opinion on the spot Bitcoin exchange-traded fund (ETF) applications that have recently been filed by asset management companies.

Last week, the SEC requested the public to submit their opinions on the spot Bitcoin ETF applications made through the market operator, Cboe Global Markets.

“We encourage the public to submit comments on the following Cboe BZX Exchange, Inc. filings during the comment period,” the commission wrote on its website.

The spot Bitcoin ETF applications were filed by WisdomTree, VanEck, Invesco Galaxy, and Wise Origin, as well as a joint application by Ark Invest and 21Shares.

The public will have three weeks to submit their comments.

In addition to these applications, the SEC has also requested feedback on an application submitted by Nasdaq on behalf of BlackRock, the world’s largest asset management company.

BlackRock submitted its application for a spot Bitcoin ETF in June, and in their proposal, they mentioned that their fund will be called iShares Bitcoin Trust and will utilize the custodian services provided by Coinbase.

BlackRock also plans to use the CME CF Bitcoin Reference Rate (BRR) to track the price of Bitcoin. BRR is a daily reference rate for the price of Bitcoin in US dollars.

However, it’s important to note that the applications for spot Bitcoin ETFs must be officially filed in the federal register before the SEC makes a final decision.

Once the applications are filed, the SEC has a window of 45 to 90 days to make a decision on each application.

How to Submit Comments to the SEC?

The SEC said it “strongly” encourages the public to send their comments electronically.

According to detailed instructions on its website, users can send their comments via email to [email protected], with the subject line of the message including the File Number for the rule.

If attaching a document, it is important to indicate the format or software used for the attachment (e.g., PDF, Word Perfect, MS Word, ASCII text, etc.), the agency said.

The SEC now accepts comment letters in PDF format but does not accept attachments in HTML, GIF, TIFF, PIF, ZIP, or EXE formats.

Alternatively, comments can be sent in paper form by mailing three copies of the comment letter to Vanessa Countryman, Secretary of the Securities and Exchange Commission, at 100 F Street, NE Washington, DC 20549-1090. Each copy must list the “File Number” for the rule, which begins with “S7-” or “SR-“.

The SEC’s decision to seek public opinion on spot Bitcoin ETF applications demonstrates its commitment to considering different perspectives and gathering input from various stakeholders.

As reported, the SEC has officially added BlackRock’s proposal for review, signaling a major step for the potential launch of the country’s first spot Bitcoin ETF.

On July 13, the commission added BlackRock’s spot Bitcoin ETF application to its list of proposed rulemaking filings for the Nasdaq stock market, a move that suggests the regulatory body’s intent to take the application seriously.

A Bitcoin ETF allows customers to invest in Bitcoin without directly holding the token and can be traded on traditional stock markets.

The SEC approved the nation’s first Bitcoin futures ETF last year but is so far yet to give the green light to a spot Bitcoin ETF.

BlackRock CEO Calls Bitcoin “International” Asset

In an interview with CNBC following the release of BlackRock’s second-quarter earnings report, BlackRock CEO Larry Fink praised Bitcoin as an international asset that will transcend any other currency.

“It has a differentiating value versus other asset classes, but more importantly, because it’s so international, it’s going to transcend any one currency,” he said.

He also pointed out the impact of ETFs in democratizing access to gold, noting that they could have a similar effect on the crypto market.

Fink noted the depreciation of the US dollar in recent months and its appreciation over the past five years, emphasizing that an international crypto product could provide a hedge against these fluctuations.

“That’s why we believe there are great opportunities and why we’re seeing more and more interest. And the interest is broad-based and worldwide.”

According to Fink, BlackRock’s foray into the cryptocurrency market aligns with the company’s objective of creating user-friendly and cost-effective investment products.

“We believe we have a responsibility to democratize investing. We’ve done a great job, and the role of ETFs in the world is transforming investing. And we’re only at the beginning of that,” he added.

It is worth noting that the price of Bitcoin has been on an uptrend amid all the hype and excitement surrounding spot Bitcoin ETFs.

According to data from TradingView, the flagship cryptocurrency has gained more than 13% over the past month. Furthermore, it is up more than 80% year-to-date.

Imge Source: TradingView

As of now, BTC is trading at $30,114.83, down 0.6% over the past 24 hours.

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