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The SEC has long rejected spot bitcoin ETF applications on the grounds they do meet its investor protection requirements. Industry hopes that position would shift surged in June when BlackRock (BLK.N), which has an almost unbroken record of SEC ETF approvals, filed for a spot bitcoin ETF. The only prospective issuer to disclose proposed investor fees so far is Ark Investment, which last week announced its spot bitcoin ETF would charge a fee of 0.8%. To be sure, issuers hoping to launch spot bitcoin ETFs have a more bullish outlook than those sticking to the sidelines. Magoon hopes the buzz surrounding a spot bitcoin ETF will draw more assets to Amplify's BLOK ETF.
Persons: Marco Bello, it's, Dave Mazza, Gary Gensler, Michael Sapir, ProShares, Sapir, Roxanna Islam, Aisha Hunt, Kelley, Christian Magoon, Roundhill, Mazza, Magoon, Tom Staudt, Staudt, Suzanne McGee, Michelle Price, Deepa Babington Organizations: REUTERS, Roundhill Investments, SEC, Industry, BlackRock, Ark Investment, Amplify's, Ark Investments, Thomson Locations: Miami Beach , Florida, U.S, BlackRock, Invesco, Amplify's BLOK
The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the U.S. Several other firms have filed and later pulled applications to launch spot bitcoin funds. Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF. The companies announced last year that Aladdin, BlackRock's institutional investment platform, would be connected to Coinbase Prime for crypto trading and custody. The entrance of BlackRock into the bitcoin ETF space could be a boost to a sector that has had a rocky start over the past two years.
Persons: Bitcoin, Aisha Hunt, Kelley Hunt, Charles, BlackRock's, Coinbase, Binance, Aladdin, BITO Organizations: BlackRock, U.S . Securities, Exchange Commission, SEC, U.S, Washington , D.C, Coinbase Locations: Wall, bitcoin, BlackRock, Washington ,
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