Bitcoin spot ETF: SEC agrees to review 6 projects

This is not not synonymous a future validationbut a first step essential. Visit American regulator rejected many files ETF Bitcoin spotfor more accept finally 6including BlackRock.

It remains to be seen whether, as in autumn 2021, the SEC will definitively approve a new category d’ETF Bitcoin. At that time, the regulator said yes to a first ETF type future. The following month, Bitcoin reached an all-time high of $69,000.

A green light for a ETF on Bitcoin type spot could it lead to the same scenario? A conclusion would be premature. To date, the SEC has rejected all projects of this nature. As Reutersdozens of applications were rejected.

A first step in the decision-making process

The authority consistently found that these ETF proposals did not did not comply with in terms of fraud prevention and investor protection. In short, they failed to pass even the first hurdle of examination.

Six applications on the other hand, were accepted at a second analysis phase. The Securities and Exchange Commission agreed to examine applications for the creation of exchange-traded funds on BTC cash offers from six companies.

The project led by asset management giant BlackRock is among the shortlisted. The process will now continue. “This is the first step in the agency’s process of deciding whether or not to approve the final round of proposals,” says BlackRock. Reuters.

Coinbase partners with spot ETFs on Bitcoin

On file with BlackRock now officially joined by Bitwise, VanEck, Fidelity, WisdomTree and Invesco. All offer a Cash ETF on bitcoin similar.

The special feature of these spot-traded funds is that they directly track the price of the underlying crypto-currency, Bitcoin. This distinguishes them from futures ETFs, which track the price of forward contracts.

To approve this new family of ETFs, and one in particular, the SEC will have to put aside its dispute with Coinbase. The new Nasdaq aimed at listing a Bitcoin spot ETF offered by BlackRock does indeed mention the crypto exchange as a monitoring partner.

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