Spot bitcoin ETFs won't be derailed as SEC reportedly details concerns, crypto insiders say

The U.S. Securities and Exchange Commission isn’t satisfied with a wave of applications filed this month for spot bitcoin BTCUSD exchange-traded funds, The Wall Street Journal reported Friday.Citing people familiar with the matter, the report said the regulator found...

Invesco IVZ , Wisdom Tree, Valkyrie, Cathie Wood’s Ark Investments, and Bitwise have also refiled or reactivated spot bitcoin ETF applications in recent days, the report said. Mei is referring to the recent spike for bitcoin BTCUSD , which occurred after BlackRock filed an application earlier this month.

“The prospect of a bitcoin spot ETF and broader institutional adoption has fueled expectations of a bullish market trend in recent years,” said Yang.

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US SEC deems spot Bitcoin ETFs filings as inadequate: ReportThe securities regulator told the Nasdaq and the Cboe that their filings for a sport Bitcoin ETF are not 'sufficiently clear and comprehensive.' According to the Wall Street Journal, the securities regulator told the NASDAQ and the Chicago Board Options Exchange (Cboe) that their filings are not 'sufficiently clear and comprehensive.' These exchanges represent asset managers in the filing of the financial product. Spot Bitcoin ETFs have been denied since 2017 by the SEC. In Canada, however, the financial product is already available. Three significant funds — Purpose Bitcoin, 3iQ CoinShares and CI Galaxy Bitcoin — are all directly invested in spot Bitcoin.
Source: Cointelegraph - 🏆 562. / 51 Read more »