When I first heard about this story my first thought was "What is an ETF?". So for all of you who just had the same thought as me an ETF is basically a bundle of assets. For example if I put $100 into an ETF based on cars my $10 could get invested into Ford stocks another $10 could get invested in Nissan stocks and so on. This helps limit exposure to big fluctuations in the price of each car brands stocks.

Now that you've read possibly the worst explanation of what an ETF is on with the article.. 

Blackrock recently proposed to the SEC a Spot Bitcoin ETF. Now the eagle eyed among you will have noticed that I added an extra word there and its very important that I explain why. In the past many Bitcoin ETF's have been approved and sent on their way by the SEC but most of them have either been Future Bitcoin ETF's (Basically predicting the future price of bitcoin) or have been tied to the stock price of companies who are not directly related or affected by crypto. 

This ETF however is a "Spot" ETF which allows the investor to trade bitcoin at the price it is currently at. Now your probably reading this and saying to yourself "But I can log onto Binance or KuCoin or Coinbase and trade bitcoin at its current price there" well that's why the SEC have been suing them in the first place. There argument is that they are Unlicenced ETF's. But at the same time they never said that cryptocurrencies fell into the "this needs to be regulated" category.

This is not the first time a Spot Bitcoin ETF has been proposed but all past applicants have been denied. Blackrock however have obviously done there homework because they've covered a lot of the SEC's past concerns about Spot Bitcoin ETF's in there application.

However, it was not meant to be. 

The SEC later responded to Blackrock's application by calling the filling "Inadequate". It looks like now that its just going to be another case of the SEC not providing clear regulation so that it can continue its war on crypto.

Until next time Happy Cryptoing!

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QUICK DISALIMER!!!

This is was not intended to be investment advice! The article you have just read was written by an incompetent fool. Please always double check the facts and do your own research.

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