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US regulators have once again overturned their decision whether or not to approve a Bitcoin ETF.
The Securities and Exchange Commission said in a regulatory filing Wednesday that it would seek more public comment on a proposed listing of a product on Cboe Global Markets Inc. This isn’t the first time this year that the SEC Delays in giving answer to legions of crypto advocates for a way to trade the largest cryptocurrency in an exchange-traded fund format.
Crypto enthusiasts have long been frustrated by the reluctance of agencies to sign a Bitcoin ETF, a product that could catapult the world’s most valuable digital token into the mainstream among institutional investors.
There were predictions earlier this year that the regulator would be more receptive under SEC Chairman Gary Gensler, who previously taught courses on digital assets at the Massachusetts Institute of Technology. But since taking the reins in April, the agency has continued to voice concerns about the lack of oversight of crypto exchanges. And it has issued new warnings about the risks of mutual funds investing in Bitcoin futures.
As part of Wednesday’s announcement, the SEC asked the public for comment on certain aspects of Cboe’s proposal, which seeks approval of a VanEck Associates Corp. ETF. The SEC set deadlines in July and maybe even August for people to respond. Here are some of the key questions from the agencies:
Would the trust and the shares associated with the ETF be susceptible to manipulation? Is the Cboes plan in place to prevent fraud and manipulation? How transparent is Bitcoin? Has the regulation of the Bitcoin market changed significantly over the past five years? What views do commentators have on the size and regulation of Bitcoin CME futures?
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