WisdomTree spot bitcoin ETF application rejected
WisdomTree spot bitcoin ETF application rejected
03/12/2021
SEC Rejects WisdomTree's Spot Bitcoin ETF Application!
The United States Securities and Exchange Commission (SEC) rejected WisdomTree's proposal to list a Bitcoin ETF.
In its statement, the SEC specifically emphasizes that certain criteria must be met for ETF applications. He cited the company's failure to meet the criteria "designed to prevent fraudulent and manipulative actions and practices" as the reason for the final delay.
Because the SEC states that in order for a spot product to be approved, the market in which the product is traded should not be open to manipulation and should not worry investors. The regulator specifically states that it does this to protect investors and the public interest.
You may be interested in: What is SEC (Securities and Exchange Commission)?
As it is known, the ETF, which is used as an investment tool, is a system that allows investors to own Bitcoin without having to buy the cryptocurrency from any brokerage firm. If you want to learn more about this, "What is an ETF?" You can check our article titled.
The SEC has not yet approved any spot Bitcoin ETF applications. Applications made by giant companies to date have been consistently rejected for various reasons. He even recently rejected the Bitcoin ETF proposed by VanEck 2 months ago.
Adoption of Futures Bitcoin ETF Boosts Expectation
Although spot Bitcoin ETF applications were rejected, under Chairman Gary Gensler, the SEC allowed Bitcoin futures ETFs to begin trading. It should be noted that a futures ETF and a spot ETF are different things. Futures products allow investors to buy shares linked to contracts that bet on the future price of investment products such as Bitcoin.
As it will be remembered, the acceptance of Bitcoin futures ETFs was met with enthusiasm in the early days. For example, ProShares' Bitcoin Strategy ETF recently broke a record volume when it began trading on the New York Stock Exchange.
Now, this expectation is also valid for the spot Bitcoin ETF. Investors continue to expect a positive decision from the regulatory agency that will push the Bitcoin price up.
Finally, there are Bitcoin ETF applications from companies such as Valkyrie, First Trust & Skybridge, Fidelity, 21 Shares and ARK, Global X, Bitwise and Grayscale. The decision of the SEC on these applications has already been a matter of curiosity.
For More Cryptocurrency News: Cryptocurrency News
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