SEC Opens Public Commentary on Bitcoin ETF Filings
In Brief
The SEC has opened a comment period for the public to provide input on Bitcoin ETF filings made by four companies, which could potentially lead to wider adoption of Bitcoin and a positive impact on its price.
The Securities and Exchange Commission (SEC) is seeking public opinions. It wants feedback on Bitcoin ETF filings submitted through Cboe BZX Exchange, Inc. These filings come from Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy BTC ETF.
A Platform for Public Insight
From July 17, the SEC started accepting public comments on these filings within a set period. The SEC’s website offers detailed instructions on how to submit comments, with an emphasis on electronic submissions. The SEC plans to publish all received comments on its official website.
Cboe has recently taken steps towards listing spot Bitcoin ETFs by submitting amended applications for Fidelity, WisdomTree, VanEck, and Invesco. This move comes in the wake of Cboe establishing a surveillance-sharing agreement (SSA) with Coinbase.
Scheduled for implementation prior to the ETFs’ listing, this agreement is in alignment with SEC’s guidelines. The SSA mandates Coinbase to share information about any suspicious market activities with the regulatory authority. This measure aims to tackle fraud and market manipulation concerns. Such issues have caused rejections of BTC ETF applications before, like VanEck’s in 2021.
A Glimmer of Hope for Bitcoin ETFs
The growing number of applications and Blackrock‘s recent ETF approval continue to fuel optimism within the cryptocurrency community.
When we launched the Voting Choice program, we committed to creating a future where proxy voting was easier and more accessible for all investors. Today, we shared our plans to extend Voting Choice to shareholder accounts in our largest iShares ETF: https://t.co/QWGgfHsL7l pic.twitter.com/8WQ9iUlEaW
— BlackRock (@BlackRock) July 17, 2023
Several Bitcoin ETFs are available in Canada. Meanwhile, in Europe, Jacobi Asset Management plans a launch. They aim to release the region’s first Bitcoin ETF by July’s end.
Many view Bitcoin ETFs as critical for the success of cryptocurrencies. They offer investors a path into the Bitcoin market. This doesn’t require direct asset ownership or trading. People expect BTC ETF listings to appear on established stock exchanges. Many believe this will attract new investors to cryptocurrencies. Wider adoption could follow, according to Morningstar. This could also positively affect Bitcoin’s price.
While the exact impact of these developments is yet to be seen, Bitcoin currently stands at $30,121 according to CoinMarketCap, marking a dip of 0.56% in the last 24 hours.
- The Security and Exchange Commission has approved Bitwise’s application to list and trade shares of a spot Bitcoin ETF on the NYSE ARCA exchange.
Read more related articles:
- Bitcoin markets: Nearly 100% of public bitcoin miners have been sold out
- Fidelity Digital Assets to Provide Custody Services for Europe’s First Bitcoin ETF
- Discover the Power of Bitcoin ETFs: How Investors Can Reap Rewards in 2023 and Beyond
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
