The SEC has received more than 50 public comments on spot Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC), as part of its review of applications to launch spot Bitcoin-ETF received more than 50 public comments.

The process began in July. It does not indicate that applications will be approved or rejected. During the 45-day period, anyone can share their views on the instrument.

According to The Block, as of August 3 the Commission had received 52 submissions, most of which express support for a spot ETF based on the first cryptocurrency.

The musician Joseph B. Dart called Bitcoin “a powerful innovation that promotes human rights and improves people’s living standards.”

Professor of physics at the University of California, John Randle reminded that the Commission has already supported exchange-traded funds based on Bitcoin futures [for ProShares and VanEck].

On June 15, BlackRock sent a filing to the SEC for a spot Bitcoin ETF. Following the financial giant, similar requests came from Valkyrie, Fidelity Investments, WisdomTree and Invesco.

Later, the Commission returned the filings because they lacked sufficient information regarding the so-called surveillance-sharing agreement or the details of that mechanism. The latter became a key addition to BlackRock’s filing.

Subsequently, the aforementioned companies promptly sent the agency revised proposals. On July 14, the regulator took the applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree under consideration.

Some analysts welcomed the developments. Bernstein analysts say the SEC will not be able to maintain its negative stance toward spot Bitcoin ETFs for long.

In August, Bloomberg analyst James Seyffart raised the odds of approving a Bitcoin ETF to 65%. He said that the decisive factors would be events around the SEC’s case against Ripple and the Grayscale lawsuit concerning the conversion of GBTC into an exchange-traded fund.