US SEC Accepts Six Cash Bitcoin ETF Proposals for Review

[ad_1]

July 19 (Reuters) – The U.S. Securities and Exchange Commission (SEC) has accepted applications to set up cash bitcoin exchange-traded funds from six companies, including BlackRock (BLK.N), for review, the first step of the agency’s process for deciding whether or not. not to approve the last set of proposals.

The SEC also formally recognized applications from Bitwise, VanEck, WisdomTree (WT.N), Fidelity and Invesco (IVZ.N) for similar bitcoin ETFs, with those proposals appearing in the Federal Register on Tuesday and Wednesday.

The SEC has previously rejected dozens of spot bitcoin ETF applications, saying the proposals failed to meet anti-fraud and investor protection standards.

But Nasdaq (NDAQ.O) – where BlackRock offered to list its ETF – said earlier this month it would address those concerns by working with Coinbase, the largest US-based crypto exchange, to control trading in the underlying bitcoin market. Similar filings from CBOE Global Markets (CBOE.Z) also offered a similar watchdog.

The first bitcoin futures ETF was approved in October 2021, helping send volatile bitcoin to an all-time high of $69,000 in November 2021.

Spot ETFs directly track the price of cryptocurrency, while futures-based ETFs track the price of bitcoin futures.

Reporting by Hannah Lang in Washington; Editing by Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

Hannah Lang covers fintech and cryptocurrency, including the companies driving the industry and the political developments governing the sector. Hannah previously worked at American Banker where she covered banking regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.

[ad_2]