SEC Seeks Public Feedback on Bitcoin ETF Proposal
The U.S. Securities and Exchange Commission (SEC) has opened up a public comment period for the proposed spot bitcoin application by ARK Invest and 21Shares. Stakeholders are invited to provide written feedback within the next 21 days.
- The SEC is assessing multiple bitcoin ETF proposals, including those from BlackRock and Fidelity.
- ARK’s CEO, Cathie Wood, had anticipated a delay in the approval process.
- The SEC has historically rejected spot bitcoin ETF proposals due to concerns over market manipulation.
- If approved, a bitcoin ETF would allow more investors to trade bitcoin without directly owning the digital asset.
- Consumer advocacy group Better Markets believes the proposed ETFs are susceptible to manipulation and should be rejected.
Hot Take: The SEC’s decision on bitcoin ETF proposals will have a significant impact on the cryptocurrency market. While some see the approval of ETFs as a bullish signal, others, like Better Markets, argue that the risks of manipulation outweigh the potential benefits. The public comment period provides an opportunity for stakeholders to voice their opinions and concerns.
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