The U.S. Securities and Exchange Commission has accepted six spot bitcoin exchange-traded funds (ETF) applications for review.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission . Photographer: Al Drago/BloombergThe U.S. Securities and Exchange Commission has accepted applications to create spot bitcoin exchange-traded funds from six firms including BlackRock for review, the first step in the agency’s process for deciding whether or not to approve the latest round of proposals.
The SEC also formally acknowledged applications from Bitwise, VanEck, WisdomTree , Fidelity and Invesco for similar spot bitcoin ETFs, with those proposals appearing on the Federal Register Tuesday and Wednesday. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021.
The SEC has taken an aggressive stance against the cryptocurrency industry under Biden-appointed chairman Gary Gensler. However, one of its major cases, against the cryptocurrency Ripple ran into difficulties recently, with a court ruling against the SEC’s charge that XRP is an unregistered security. The SEC is
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