The SEC is preparing to give the green light to the first Bitcoin ETF in the United States.
At least this is what the Bloomberg analyst claims Eric Balchunas, who predicts that by next October the US stock market authority could approve an ETF presented by the investment company Proshares.
But according to other authoritative sources, however, the SEC is highly unlikely to make such a move, considering that it has so far not given the green light to any of the 20 or so ETFs submitted.
In fact, until SEC Chairman Gary Gensler sees a certain regulatory regime in place, it is unlikely that a Bitcoin ETF will be approved in the country, according to Karen Smith of the Blockchain Association.
The Winklevoss twins were the first to submit a Bitcoin ETF to the SEC
8 years have passed since the Winklevoss cufflinks They first tried to get Securities and Exchange Commission (SEC) approval for a new exchange-traded fund for Bitcoin, when the coin was selling for less than $ 100.
Since then, the price of Bitcoin has fluctuated up and down, even reaching $ 60,000 sometime earlier this year, and more than 15 wealth managers have come on board with their own documents, none of which received the certificate. Green Light From US Regulator Actions
Bloomberg Intelligence analyst James Seyffart has tracked more than 35 attempts in the United States since 2013, most of which have been delayed or denied.
Now, however, it appears that investment firms are accelerating the filing of ETFs with the SEC.
In fact, in the last two weeks, in addition to ProShares, Invesco Ltd., VanEck, Valkyrie Digital Assets, and Galaxy Digital have presented plans for future Bitcoin ETFs.
SEC chairman has openly spoken about a possible upcoming Bitcoin ETF
In early August, Securities and Exchange Commission Chairman Gary Gensler indicated that he would be receptive to ETFs trading Bitcoin futures rather than the cryptocurrencies themselves, as long as they follow stricter rules generally reserved for mutual funds.
The SEC has already approved the first US Bitcoin-based mutual fund, which went public last month.
Speaking to the Aspen Security Forum, Gensler said issuers that structure ETFs under the Investment Company Act of 1940 would help protect investors from illegal activities.
The law from decades ago is a stricter set of guidelines that generally apply to mutual funds. For example, it requires independent advice and gives a fund the ability to stop accepting new money, something that most ETFs cannot.
The first ETFs have already been approved in Brazil and Canada
Last March, the Brazilian Securities and Exchange Commission approved a Hashdex ETF, Which offers exposure to a variety of cryptocurrencies.
In February, Purpose Investments launched the First bitcoin ETF in Canada on the Toronto Stock Exchange, reaching $ 1 billion (CAD) after only a few weeks on the market.
Since then, Evolve's Bitcoin ETF (EBIT), The CI Galaxy Bitcoin ETF (BTCX), and 3iQ CoinShares ETF (BTCQ) have also launched in Canada.