BlackRock, which manages about $10 trillion as the world’s largest asset manager, has filed to launch the first publicly traded bitcoin spot exchange-traded fund (ETF) in the United States, despite the country’s regulators filing lawsuits against cryptocurrency platforms for alleged violations of securities laws.

BlackRock said Thursday in a filing with the U.S. Securities and Exchange Commission (SEC) that it intends to launch “iShares Bitcoin Trust” with Coinbase Custody Trust Co. as a bitcoin custodian. The ETF, if approved, would be listed on Nasdaq.

The announcement comes after the SEC last week sued Coinbase and Binance.US., two of the industry’s largest crypto exchanges, for allegedly violating securities regulations. That adds to the uncertainty that the SEC will approve the ETF, given that Coinbase’s unit will act as custodian of the product.

The approval of a spot trading Bitcoin ETF in the largest economy and the largest financial market in the world is seen by many investors as a seal of approval for the digital currency and is likely to attract significant institutional investment in Bitcoin.