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BlackRock, VanEck and Others Update Bitcoin ETF Filing Within Hours of Quick SEC Response
The filings indicate that the two entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours.
BlackRock (BLK), VanEck, Invesco and Galaxy, ARK 21Shares, Grayscale and other prospective issuers among 13 hoping to launch bitcoin [BTC] exchange-traded funds (ETFs) in the U.S., have filed updated documents on Tuesday.
The filings indicate that the entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours. CoinDesk reported earlier that the SEC sent comments to a set of prospective issuers of the spot-bitcoin ETFs just hours after the companies filed documents detailing fees for their proposed products on Monday.
STORY CONTINUES BELOW
Among the changes in the latest updated filing on Tuesday is wording that seeks to mitigate damage to shareholders in the event of insolvency and avoid a conflict of interest between the ETF’s authorized participants.
For full coverage of bitcoin ETFs, click here.
Invesco and Galaxy's updated filing saw them reduce the fee they plan to charge to 0.39% from the earlier 0.59%.
The latest filings show an almost unprecedented engagement between the SEC and prospective issuers, with filings following SEC responses and then updated filings within a short span of 24 hours.
The SEC is widely expected to approve all the applications this week as it faces a Jan. 10, 2024 deadline – i.e. this Wednesday – for one of the applications by Ark and 21 Shares and may want to approve all together in the spirit of fairness.
Read More: SEC Hustles to Answer Latest Bitcoin ETF Filings: Source
UPDATE (Jan. 9, 13:50 UTC): Adds Ark 21Shares and Grayscale to the story.
UPDATE (Jan. 9, 14:36 UTC): Adds Invesco Galaxy updated filing details to the story.
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
