BlackRock resubmits its Bitcoin spot ETF application, to be supervised by Coinbase.

BlockBeats reported on July 4th that BlackRock has resubmitted its Bitcoin spot ETF application to the US Securities and Exchange Commission (SEC) via Nasdaq, indicating that Coinbase Global Inc. will provide market supervision. Previously, the SEC had stated that preliminary application documents submitted by institutions such as BlackRock and Fidelity were "unclear and incomplete" because they did not specify the cooperating agencies for regulatory sharing agreements. Last week, Fidelity, Invesco, VanEck, 21Shares, and WisdomTree all amended their applications. Analysts believe that market supervision could be the key factor in obtaining SEC approval for a Bitcoin spot ETF. Supervision can significantly reduce fraud and market manipulation, which has been the main reason for the SEC's rejection of about 30 Bitcoin spot ETF applications to date.