SEC Keeps Pushing Back more Bitcoin ETF Proposals in the United States

WisdomTree is an American-based investment corporation that deals in exchange-traded products, ETF sponsorships, and asset management consultations. The WisdomTree Bitcoin Trust is an enviable holding of the flagship cryptocurrency that is not far behind names like Grayscale and Ark Investment in terms of mass and evaluation. On March 11, 2021, the WT BTC fund submitted a prospectus with SEC to introduce a new Bitcoin ETF or BTCW.

However, the regulatory commission called for a sabbatical from March 30th to July 14th. This period was meant to give time to SEC officials to do their due diligence on the matter of Bitcoin ETF applicants in general. The probability of the BTCW exchange-traded product can have a higher probability of getting approved due to the involvement of Cboe bZx. 

United States Equities Exchange Operator is in a face-off with SEC on the matter of BTC ETFs

Cboe is the largest equities market operator in the United States at present. Four of the largest and most influential equity markets, Bzx, Byx, EDGA, and EDGX exchanges, are operated under the supervision of Cboe. Operating since 1973, the Cboe has been supporting trade derivatives like stock contracts and single-stock call options.

After WisdomTree submitted the BTCW prospective to SEC, Cboe called for a rule change on March 26. It should be noted that thus far, not a single Bitcoin pegged ETF has been approved in the United States. In this regard, Canada has dominated the market that has managed to introduce three different Bitcoin ETFs with the help of the Toronto Exchange.

SEC still not Ruling in Favor of Bitcoin ETFs in the United States

SEC has been visibly indecisive on the matter of Bitcoin exchange-traded products thus far. It should be noted that some of the largest Bitcoin holdings and reserves are currently present in the United States. Noteworthy institutions like VanEck have also filed for a Bitcoin ETF approval since last month. 

On the matter of BTCW, SEC commented that it has only received four comments thus far. The traders who are interested in exploring crypto derivatives options have no choice but to seek their profits from the Toronto Exchange, where several BTC funds are thriving. SEC Chief Gary Gensler has recently said that the regulatory agency is preparing to introduce more crypto lawsuits in association with FINRA.

Leave a Reply

Your email address will not be published. Required fields are marked *


Currently, there are Rare Chances of Bullish Run for both Bitcoin and Ethereum

There have been surprisingly enough data put forth by crypto enthusiasts, predictions, and wishful odds, all pointing towards a possible bullish run for both Bitcoin and Ethereum. While there was no mention of when it might happen for the crypto market, the urgency of these odds playing out could be felt from the statement, but […]

MicroStrategy now has more than 105k Bitcoins after Purchasing another 13005 Bitcoins

Despite the fact that cryptocurrency and the idea of acquiring it, especially Bitcoin, are being shunned over in various capital-driven regions such as China, the adoption rate for the cryptocurrency has also been pretty great. El Salvador has become the first-ever country to introduce Bitcoin into its currency and financial streams as there also have […]

Crypto Investors can Take Part in the Upcoming Auction for Rare Diamond by Sotheby

Sotheby is the largest fine arts and decorative collectibles brokers in the world. The company has about 80 offices in 40 different countries. The biggest Sotheby offices are present in the United Kingdom as it was founded by Britain natives. However, at present, the main headquarters of the auction house is situated in the United […]

Another Small Country of America has Made Plans to Make Bitcoin a Legal Tender

El Salvador’s big crypto revolution has to turn into an epidemic. Many other countries in the region are following suit left and right. Bitcoin has become a more popular mode of trading in comparison to fiat. In the same vein, Paraguayan- a South American nation, has come forward to ensure that they are in the […]