THELOGICALINDIAN - Two added proposals for exchangetraded funds accept been denied by the balance regulator
The U.S. Securities and Exchange Commission (SEC) has alone two Bitcoin ETF proposals from NYDIG and Global X.
Two ETF Proposals Rejected
Two proposals for Bitcoin exchange-traded funds (ETFs) were alone by the SEC in alone filings anachronous Mar. 10, 2022.
The first rejection from the SEC apropos a Bitcoin ETF from NYDIG that targeted a barrage on the NYSE Arca exchange. The fund’s proposed aphorism change was filed in June 2021.
The second rejection apropos Global X’s Bitcoin Trust, which was advised for trading on the Cboe BZX exchange. This advance fund’s proposed aphorism change was filed in August 2021.
In anniversary case, the SEC assured that the article abaft the angle “[had] not met its burden…to authenticate that its angle [was] constant with the requirements” of the accordant regulations.
In particular, the regulator said that the ambition exchange’s architecture was not acceptable to anticipate artifice and manipulation, nor was it acceptable to accommodate aegis to investors and the accessible interest.
Still No Bitcoin Spot ETF in the U.S.
NYDIG’s armamentarium was one of abounding aggressive proposals that aimed to barrage the aboriginal Bitcoin atom ETF. The SEC planned to accomplish a accommodation in January 2022 but delayed its decision that aforementioned month.
The name of Global X’s Bitcoin Trust suggests a armamentarium agnate to already-operational Bitcoin trusts from Grayscale and Valkyrie, which would at aboriginal glance accord it an advantage with regulators. Yet it appears that this is not absolutely the case, as Global X’s SEC filing refers to the advance agent as an exchange-traded fund.
No Bitcoin atom ETF has been accustomed by the SEC to date. The regulator has alone proposals from Fidelity, VanEck, and WisdomTree, amid others, in contempo months.
However, a cardinal of futures ETFs accept been accustomed by the regulator, namely those from ProShares, Valkyrie, and VanEck.
Additionally, Bitcoin atom ETFs accept been accustomed in added countries. These funds began to become accessible in Canada in 2021, with Fidelity ablution a Canadian atom ETF in December.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.
