Six proposals for bitcoin exchange-traded funds accepted by SEC for review
The US Securities and Exchange Commission (SEC) has accepted six spot bitcoin exchange-traded fund (ETF) proposals for review as of Wednesday. This is the first step in the federal watchdog agency’s process for deciding on whether or not to approve them. The six firms include BlackRock, Bitwise, Fidelity, Invesco, VanEck and WisdomTree.
Prior applications for spot bitcoin ETFs had been rejected for not meeting anti-fraud and investor protection standards according to the SEC. However, earlier this month Nasdaq said that it would work with Coinbase to address those issues and work to police trading in the underlying bitcoin market.
The first bitcoin futures ETF was approved in October 2021, which follow the price of bitcoin futures contracts, unlike a spot ETF that will directly track the price of bitcoin. That move helped boost the volatile value of the oldest cryptocurrency to its all-time peak of $69,000 the following month.
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July 21, 2023 at 12:42AM
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