BlackRock plans to apply for a fund Bitcoin with operations on the stock market (ETF), according to reports from CoinDesk citing a source close to the subject.
The administrator of assets will use the custody system coinbasean offline storage platform for digital assets, and cryptocurrency market data to determine pricesthe report revealed. Until now, BlackRock did not respond to a request for comment. of the press on this matter.
This decision comes at a time when the securities regulator of the United States is intensifying its scrutiny on the crypto market due to alleged violations of securities trading laws.
It should be remembered that recently The regulator filed lawsuits against the main platforms in the sectorCoinbase and Binance, leading to significant repercussions in the digital asset industry.
Cryptocurrencies: a step towards mass adoption
If Blackrock’s application is approved, the ETF would become the first cryptocurrency exchange traded fund cash in the United States.
According to a document presented by Nasdaq before the United States Securities and Exchange Commission (SEC), Coinbase Custody Trust Company would be in charge of custody of the fund’s Bitcoin holdings, while Bank of New York Mellon would be in charge of the custody of the fiduciary money. The proposed fund, called BlackRock’s iShares Bitcoin Trust, would trade as commodity-based trust shares.
The document also highlights that previously approved spot ETFs in the commodity and currency markets “gare generally unregulated, and the Commission relied on the underlying futures market” as the basis for approving trust actions in the past. Therefore, the document states that the “proof of a regulated market of significant size does not require than the Bitcoin spot market regulated for the Commission to approve this proposal”.
So far, the SEC has not approved any spot Bitcoin ETFsDespite the numerous requests submitted. Grayscale even took the SEC to an appeals court to defendr the strength of Bitcoin futures after the regulator rejected his request to launch a Spot Bitcoin ETF.
“As such, the test of the regulated market of significant size does not require the Bitcoin spot market to be regulated for the Commission to approve this proposal“, the document concludes.
Source: Ambito
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