BlackRock has filed an application with the US Securities and Exchange Commission to launch the iShares Bitcoin Trust, taking the first steps towards launching a spot bitcoin exchange-traded fund. The proposed fund would allow investors to access crypto through a product from one of Wall Street's biggest companies, but it is likely to face heavy resistance from the SEC. Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF, and the move comes as the crypto industry faces increasing scrutiny in Washington, D.C.

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