The SEC has long opposed a spot bitcoin ETF, but a filing by BlackRock earlier this month has sparked optimism that the regulator could soften that stance.
, which has long been opposed by the Securities and Exchange Commission.
Other firms appear to have taken BlackRock's filing as a sign that the SEC's stance could soon change. Since then, WisdomTree, VanEck and Invesco have taken the initial steps toward their own funds. Cathie Wood's Ark Invest filed for changes to itsThursday's filing is a proposed rule from the Cboe Bzx Exchange to list the Wise Origin Bitcoin Trust, the name of Fidelity's previously proposed bitcoin ETF that was denied by the SEC.
The SEC has so far rejected every spot bitcoin fund application on which it has made a decision. The commission is in awith Grayscale about its decision to block the conversion of the Grayscale Bitcoin Trust into an ETF. A decision in that case is expected later this year. One of the SEC's key concerns about a spot bitcoin product is about transparency in the market and the potential for manipulation. The BlackRock filing includes a proposed surveillance-sharing agreement that could alleviate those concerns. The subsequent filings have similar proposals.
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