1 year ago
Bitcoin’s worth slid beneath the $30,000 people arsenic the Securities and Exchange Commission (SEC) signals an impending artifact connected spot Bitcoin exchange-traded funds (ETFs), according to a report by the Wall Street Journal. This improvement comes amidst a flurry of spot ETF applications by galore plus managers seeking broader marketplace entree to the cryptocurrency.
Quick Take
This is simply a breaking story; this nonfiction volition beryllium updated arsenic it develops. The WSJ highlighted the following:
- The Securities and Exchange Commission (SEC) has deemed caller applications for spot Bitcoin exchange-traded funds (ETFs), filed by Nasdaq and Cboe Global Markets connected behalf of plus managers similar BlackRock and Fidelity Investments, arsenic inadequate owed to deficiency of clarity and comprehensiveness.
- Other plus managers specified arsenic Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie person besides reactivated oregon amended their applications for a spot Bitcoin ETF.
- The SEC has consistently rejected specified funds since 2017 owed to concerns astir vulnerability to fraud and marketplace manipulation.
- The SEC informed the exchanges to revise the connection successful their applications and refile, with a Cboe spokeswoman confirming their intent. At the aforesaid time, Nasdaq, the SEC, and representatives from BlackRock, Fidelity, Invesco, WisdomTree, and Ark Investment Management declined to comment.
These developments underscore the ongoing regulatory complexities surrounding cryptocurrency. The imaginable for broader marketplace entree to Bitcoin via spot ETFs remains uncertain arsenic regulatory concerns persist and the request for clarity and broad accusation successful marketplace operations is increasing progressively pertinent.
The station Bitcoin breaks beneath $30k arsenic WSJ reports SEC volition artifact spot Bitcoin ETFs again appeared archetypal connected CryptoSlate.
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