BlackRock and Bitwise are competing to introduce the first Bitcoin ETF in the US, with both firms seeking SEC approval. BlackRock's revised application for the iShares Bitcoin Trust includes a "surveillance sharing" clause, partnering with Coinbase crypto exchange to monitor and report potential illicit activities. Bitwise has also received acknowledgment for its spot Bitcoin ETF application, adding to the growing list of contenders.

A Spot Bitcoin ETF would allow people to gain exposure to changes in Bitcoin's price without having to buy and keep Bitcoin themselves, and would be tradable on traditional stock exchanges. The SEC will carefully evaluate each proposal to ensure it aligns with investor protection standards and market integrity.