Although the 13 Bitcoin spot ETF applications currently under review have not yet received approval from regulators and have been delayed for several rounds, analysts say that continuous revisions of ETF applications by various institutions indicate substantial progress in communication between issuers and regulatory agencies.
Bloomberg analyst James Seyffart wrote on social media:
In addition to BlackRock, Bitwise also submitted a revised S-1 application on Monday. James Seyffart
pointed out that multiple issuers are adjusting their filings based on SEC guidance, and stated that these filing documents are the result of multiple discussions and significant work hours from both sides.
It is reported that BlackRock’s revised document added provisions about the trustee monitoring unusual price fluctuations, and included anti-money laundering compliance content as well as PwC’s audit statement. The document clearly states that BlackRock and the trustee will only interact with known third-party service providers who have undergone strict KYC processes.
On the other hand, according to previous reports from Zombit, the SEC seems to be discussing with BlackRock the “creation and redemption” model of the fund. Analyst Eric Balchunas stated that there are rumors that the initial batch of ETFs will only allow the use of cash to create and redeem funds, but issuers are more inclined towards a physical mechanism. If BlackRock can convince the SEC to accept creating and redeeming funds in physical form, most issuers may also adopt this model.