SEC Begins Review of Bitcoin ETF Applications
The U.S. Securities and Exchange Commission (SEC) has started its review process for the latest bitcoin exchange-traded-fund (ETF) applications. Although the regulator sought public consultations last week, the official review only begins once the filings are published in the federal register. The SEC is currently requesting comments on ETF applications from Cboe, including Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. Additionally, the SEC is seeking comments on BackRock’s iShares Bitcoin Trust, which was filed on Nasdaq. The news of the SEC’s review has already had an impact on the market, with shares of Coinbase, a popular crypto exchange, surging by 16% after reaching an agreement with Cboe’s BZX Exchange.
Key Points:
– The SEC has commenced its review of bitcoin ETF applications.
– The review process officially starts when the filings are published in the federal register.
– The SEC is seeking comments on five ETF applications from Cboe and one from BackRock.
– Coinbase’s shares rose by 16% following its agreement with Cboe’s BZX Exchange.
– The SEC’s review process will determine the fate of these ETF applications.
Hot Take:
The SEC’s review of bitcoin ETF applications is a significant step in establishing regulatory clarity for the crypto industry. If approved, these ETFs could provide more accessible and regulated avenues for investors to participate in the crypto market. However, the review process can be lengthy and uncertain, as evidenced by previous rejections. It remains to be seen whether the SEC will greenlight any of these applications, but the market’s positive reaction to the news suggests a growing appetite for crypto investment products.
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