SEC Rejects Bitcoin ETF Applications, But Major Firms Refile with Coinbase as Exchange Partner
Major investment firms Fidelity, WisdomTree, VanEck, and Invesco/Galaxy have refiled their applications for spot bitcoin ETFs with the SEC, choosing Coinbase as their exchange partner. This type of ETF would allow investors to gain exposure to Bitcoin without actually owning the digital asset. While ARK has not yet refiled its application, BlackRock is preparing to file its own bitcoin ETF. The determination of these finance giants to establish a Bitcoin ETF in the US shows their confidence in the market, despite regulatory uncertainties.
Main breakdowns of key points:
– Fidelity, WisdomTree, VanEck, and Invesco/Galaxy have refiled their applications for spot bitcoin ETFs with Coinbase as their exchange partner.
– ARK has not refiled its application, and BlackRock is preparing to file its bitcoin ETF.
– The refiled applications demonstrate the determination of major finance firms to establish a Bitcoin ETF in the US.
– Previous ETF proposals have been rejected, but the interest from established financial institutions may increase approval chances.
– The SEC has rejected many spot bitcoin ETF applications, citing concerns about manipulation and fraud.
In a setback for the cryptocurrency industry, the SEC has rejected recent bitcoin ETF applications due to concerns about fraud and manipulation. However, there is hope as the SEC has expressed a willingness to consider future applications if these concerns are effectively addressed. This presents an opportunity for the industry to address the SEC’s concerns and potentially pave the way for the approval of a spot bitcoin ETF.
Hot Take: While the SEC’s rejection of bitcoin ETF applications is a setback, the determination of major finance firms to refile with Coinbase as their exchange partner shows growing confidence in the market. It will be interesting to see if ARK follows suit and refiles its application, which could have a significant impact and further validate the potential of a crypto ETF.
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