The biggest year for crypto is coming to an end, and it seems unlikely that a spot Bitcoin ETF will come out in the face of the SEC’s rather cautious attitude.
23, the SEC went on to veto two proposals to offer spot Bitcoin ETFs by the Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust, dealing a blow to investors who had hoped the agency would turn on green light for this landmark endeavor.
According to the application published by the SEC, the Valkyrie and Kryptoin spot Bitcoin ETF was rejected on the same grounds cited in previous rejections. Typically the case of VanEck mid-November.
Notably, the SEC noted that NYSE Arca and Cboe, exchanges that submitted proposed rule changes for listing and trading Valkyrie and Kryptoin products respectively, failed to demonstrate that the proposals their compliance with the requirements of the US Securities Act.
The Commission further explained that this includes in particular the requirement that the rules of a national stock exchange be designed to prevent fraudulent and manipulative practices and practices and to protect investors. investment and public interest. This is also what SEC Chairman Gary Gensler has always focused on since taking office.
However, the SEC approved three Bitcoin futures ETFs in October, pegged to the Chicago Mercantile Exchange (CME) derivatives markets, including the ProShares Bitcoin Strategy ETF (BITO), The Valkyrie Bitcoin Strategy ETF (BTF), and The Valkyrie Bitcoin Strategy ETF (BTF). ) and VanEck’s Bitcoin.
However, there are still glints of hope that could be of interest next year, when a ruling regarding the Skybridge Bitcoin ETF will be announced by January 22, while the Fidelity’s Wise Origin Bitcoin ETF is decided. determined 1 week later. In addition, the results of applications from leading crypto asset managers Bitwise and Grayscale were deferred by the SEC for 45 days last week.