Fidelity has filed a second amendment for its Bitcoin exchange-traded fund (ETF) application with the US Securities and Exchange Commission (SEC), while the SEC reviews BlackRock’s application. Bloomberg Intelligence analyst James Seyffart noted that Fidelity’s second amendment appears to be almost identical to the first application, which may result in rejection on the same grounds as the initial one. However, BlackRock’s updated application addresses some of the SEC’s concerns and provides additional information to clarify doubts raised by the agency. The recent court ruling in the SEC vs Ripple case declared that cryptocurrencies traded on exchanges cannot be considered investment contracts, potentially impacting the SEC’s perspective on ETFs. Europe is set to launch its first authorized Bitcoin ETF, which reflects the changing demand for investment vehicles in the region. The fate of spot Bitcoin ETFs in the US and the approval of Fidelity’s application remain uncertain as the cryptocurrency market and regulatory frameworks continue to evolve.

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