The SEC’s newest transfer provides to a sequence of others noticed through the years, with the US market ready for a spot to start out Bitcoin ETF.
The US Securities Alternate Fee (SEC) has once more rejected purposes to listing spot Bitcoin exchange-traded funds (ETFs) within the US market.
The 2 funds tried to listing and commerce bodily settled Bitcoin ETFs. Nevertheless, filings of March 10, 2022 now put all that in an ever-growing basket of rejected purposes.
And with that, one other probability has been made to permit the regulator a spot BTC product, at the very least for now (different proposals are pending the SEC’s choice).
SEC’s argument is…
NYDIG filed on June 30, 2022 to listing the spot Bitcoin ETF on NYSE Arca, Inc., whereas Cboe BZX Alternate, Inc. submitted International X’s proposal on August 30, 2022.
The SEC’s injunctions denying the purposes cite points surrounding fraud and manipulative acts, noting that the denials are justified within the curiosity of shopper safety and “public curiosity†
In 2022, the regulator accepted the primary of two Bitcoin futures ETFs. The transfer fueled the crypto trade’s pleasure in the direction of a spot ETF. However within the interval because the ProShares and Valkyrie ETFs, the SEC has rejected purposes for spot Bitcoin ETFs by Van Eck, Constancy, Knowledge Tree and First Belief.
The Grayscale Bitcoin Belief ETF proposal is pending the regulator’s choice.