Nasdaq Submits Revised Application for BlackRock’s Bitcoin ETF to SEC

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October 23, 2023 06:02 EDT

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• What NASDAQ has resubmitted an application to the SEC for the listing of a Bitcoin ETF by Blackrock
• Why The SEC had raised concerns last week about the details of the original submission
• What Next The SEC has not provided a date for its final decision

Nasdaq has resubmitted an application to the U.S. Securities and Exchange Commission (SEC) to list a bitcoin exchange-traded fund (ETF) by BlackRock. 

BlackRock's Bitcoin ETF is a big deal for Crypto, it would open up the $BTC market to a wider pool of investors and could lead to increased liquidity and price stability $BLK's application is a sign that the SEC may finally ready to approve a spot Bitcoin ETF. The SEC has been…

— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) June 23, 2023

The updated filing, made public on Monday, includes additional details to address concerns raised by the SEC regarding the initial submission, Reuters reports.

Coinbase, a leading cryptocurrency exchange, will provide market surveillance support for the proposed ETF, which is backed by the world’s largest asset manager.

The SEC had previously expressed concerns about the clarity and completeness of the original filings by Nasdaq and had raised similar concerns with Cboe regarding a filing from Fidelity. 

SEC vs Crypto

Last month, the SEC sued Coinbase for not registering as an exchange. 

According to Cboe’s filing for the Fidelity bitcoin ETF, the platform represented around half of the U.S. dollar-bitcoin trading volume in May. 

Coinbase, in response to the SEC lawsuit, argued that the regulator lacks the authority to pursue civil claims against them, as the crypto assets traded on their platform are not considered securities.

The SEC has previously rejected numerous spot bitcoin ETF applications, including one from Fidelity in January 2022. 

In each case, the SEC cited the failure to meet the standards aimed at preventing fraudulent and manipulative practices, while ensuring investor protection and public interest.