Financial firms are once again lining up to attempt to get their proposed spot bitcoin exchange-traded-funds approved by the U.S. securities regulator after BlackRock this month unveiled it was looking to launch such a product.
The Securities and Exchange Commission (SEC) has rejected dozens of applications, saying the proposals have not met anti-fraud and investor protection standards. BlackRock's iShares Bitcoin Trust, if approved, will trade on the Nasdaq and use Coinbase Custody as its crypto custodian and BNY Mellon as its cash custodian, according to a filing with the SEC. BlackRock's filing hopes to clear remaining SEC hurdles through an arrangement with its planned listing market, Nasdaq, which said it would enter into a surveillance-sharing agreement with a bitcoin spot trading exchange to supplement its own surveillance program.