Asset manager BlackRock and crypto investment firm Bitwise have taken proactive steps in addressing regulatory queries by filing amended S1 forms with the Securities and Exchange Commission (SEC) on Monday. The updated filings aim to provide further clarity on crucial aspects such as the Trust’s structure, potential regulatory impacts, and overall risk management.
While the exact nature of the SEC’s inquiries remains undisclosed, analysts speculate that these amendments follow recent discussions between the regulatory body and the applicants. Bloomberg Intelligence’s James Seyffart noted that these filings indicate a concerted effort by both BlackRock and Bitwise to address concerns and ensure compliance.
BlackRock’s comprehensive update, comprising 21 notable amendments, covers key areas like security, risk disclosures, and Trust structure. Other major players in the crypto ETF space, including Fidelity, Franklin, and WisdomTree, are expected to follow suit with their amendments shortly.
What does this mean? Without having read them — it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.
— James Seyffart (@JSeyff) December 4, 2023
The filings come ahead of the SEC’s crucial decision, scheduled between January 5th and January 10th, on whether to approve one or more spot Bitcoin ETFs. Bloomberg analysts express confidence, placing a 90% likelihood on the approval, signaling positive prospects for the evolving landscape of cryptocurrency investment. Investors are closely watching this development as it unfolds in the coming days.
