The U.S. Securities and Exchange Commission (SEC) has kicked off its review of two more exchange-traded fund (ETF) applications, recent filings with the regulator show.
The investment vehicles provide exposure to Bitcoin without the need for investors to buy or store the asset itself directly. ETFs are a popular feature of many investment portfolios.
But the SEC has, to date, been wary of approving a crypto version that would attract retail investors, citing the risk of potential market manipulation, among other arguments. The Winklevoss twins were the first to attempt a with asince-abandoned filing back in 2013.
Bitcoin ETFs under review
The four other filings currently under the regulator’s consideration are VanEck Kryptoin, WisdomTree, and Valkyrie. The regulator must issue an initial decision on each application within 45 days, but the window can be extended for up to 240 days.
If approved, the SkyBridge ETF would trade on the New York Stock Exchange, while the Wise Origin Bitcoin Trust would trade on The Chicago Board Options Exchange (Cboe).
Canada and Brazil already have their own crypto ETFs, and crypto executives are optimistic about the prospect of an American one.
One applicant, One River, which has applied to launch a carbon-neutral Bitcoin ETF, even has ex-SEC chairman Jay Clayton as an advisor—the man who repeatedly said the U.S. market didn’t need a crypto ETF.
Published at Thu, 27 May 2021 12:21:52 +0000