TechFlow news — According to The Block, the U.S. Securities and Exchange Commission (SEC) said Thursday it is initiating additional procedures to determine whether spot Bitcoin ETF applications from BlackRock, Invesco, Valkyrie, and Bitwise should be approved.
The SEC stated that, given the legal and policy issues raised by the proposed rule changes, initiating these procedures is currently appropriate. However, launching the process does not indicate that the SEC has reached any conclusions on the matters involved. In documents filed Thursday with Valkyrie, the SEC requested public comments and specifically asked whether a proposed surveillance-sharing agreement with cryptocurrency exchange Coinbase would help "detect, investigate, and deter fraud and manipulation." Commenters have 21 days to submit written data, views, and arguments, followed by an additional 35-day period for rebuttals—meaning the approval process will likely take at least several more months. Meanwhile, the SEC has also initiated similar procedures for the Bitwise Bitcoin ETP Trust, Invesco Galaxy Bitcoin ETF, and BlackRock's iShares Bitcoin Trust.
Previously, the SEC postponed its decision on the ARK 21Shares spot Bitcoin ETF until January next year.
