BlackRock's Bitcoin ETF Application Resubmitted by Nasdaq to SEC

BlackRock’s Bitcoin ETF Application Resubmitted by Nasdaq to SEC

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Updated: 03 July 2023

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What NASDAQ has submitted a new application to the SEC seeking approval for Blackrock’s Bitcoin ETF listing
Why Last week, the SEC expressed concerns regarding the details of the initial submission
What Next The SEC has not yet announced a final decision date for the application

Nasdaq has resubmitted its application to the U.S. Securities and Exchange Commission (SEC) to list a bitcoin exchange-traded fund (ETF) offered by BlackRock.

The updated filing includes additional details and addresses concerns raised by the regulator regarding the initial application, Reuters reports.

Blackrock files for bitcoin ETF with SEChttps://t.co/QDa4EBj50R
— FOX Business (@FoxBusiness) June 17, 2023

Coinbase will collaborate with Nasdaq by providing market surveillance for the proposed ETF.

This move comes as the digital asset space aims to regain popularity after a challenging year in 2022, which witnessed the collapse of several crypto ventures.

The SEC recently sued Coinbase for allegedly failing to register as an exchange.

However, Coinbase intends to challenge the lawsuit, arguing that the crypto assets traded on its platform do not qualify as securities and therefore should not be subject to SEC regulations.

SEC Remains Defiant

The SEC has previously rejected numerous spot bitcoin ETF applications, citing concerns about compliance with standards that safeguard against fraudulent and manipulative practices and protect the interests of investors and the public.

Nasdaq’s updated filing and collaboration with Coinbase demonstrate efforts to address regulatory concerns and meet the necessary requirements for a successful bitcoin ETF.

These developments reflect ongoing efforts to bring greater accessibility and regulatory compliance to the digital asset market.

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