BlackRock and VanEck Submitted Revised Applications for Spot Bitcoin ETFs

The post BlackRock and VanEck Submitted Revised Applications for Spot Bitcoin ETFs appeared first on Coinpedia Fintech News

BlackRock and VanEck have submitted revised applications for their proposed spot bitcoin exchange-traded funds (ETFs) to the Securities and Exchange Commission (SEC). The SEC had previously sent comments to some of the prospective issuers, but these were focused on minor details and were not anticipated to impede the applications.

About Revised Filing

The revised applications submitted by BlackRock and VanEck to the Securities and Exchange Commission (SEC) have addressed several issues raised during the initial commentary phase. One of the critical areas of focus was how to handle situations where an authorized participant or bitcoin trading counterparty experiences insolvency. The filings now contain language outlining the measures that would be taken in such scenarios.

Another area of concern was potential conflicts of interest. The filings now acknowledge that there could be conflicts between the issuers’ roles as investment advisers and sponsors of the ETFs. To mitigate these conflicts, the issuers have committed to implementing measures such as independent directors and disclosure requirements.