Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The company re-introduced the application for the Bitcoin ETF ‘ARK 21Shares’, which US regulators rejected in early April.
- Ark Invest and 21Shares initially filed in June 2021.
- Despite the SEC’s rejection, companies insist on Bitcoin ETF.
- The SEC must respond by the end of January 2023.
The reluctance of U.S. regulators to approve a U.S. exchange-traded fund (ETF) of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. has not discouraged some companies that still insist on the arrival of the first product of its kind.
ARK Investment Management the fund management firm founded by the veteran investor and enthusiast of Bitcoin Cathie Wood has re-introduced an application for an ETF of Bitcoin with the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC).
Según reseñó el medio de noticias Cointelegraph , Ark Invest investing is when you put money in a financial scheme with the intent of making a gain. resubmitted an application this month for its ETF of Bitcoin (also known as spot or physical) in conjunction with the Swiss company21Shares AG . The media agency cited a public document filed with the SEC on May 13, 2022.
There’s still hope for a physical Bitcoin ETF
By all accounts, the application appears to be the same as previously presented companies at the end of June of last year; although includes a rule change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. proposed by the Chicago Board Options Exchange (CBOE) BZX, according to the report.
Named “ARK 21Shares Bitcoin ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. “, the intention of the product is to provide investors with exposure to the leading cryptocurrency. To do so, the ETF will track the price of Bitcoin according to the performance of the S&P Bitcoin Index . “ In seeking to achieve its investment objective, the trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. will hold Bitcoin and value the shares daily based on the index. “, reads the request.
The introduction of the application comes only a few weeks after the SEC to reject ETF’s proposal to ARK Invest . As reported by DiarioBitcoin the regulatory agency issued an official response to the application in early April. The rejection is part of the SEC’s broader rejection of the possibility of an ETF of Bitcoin physical.
Although last year the SEC approved the first ETFs linked to cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. futures, the regulator has remained wary of such a product backed directly by a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset. On different occasions, SEC Chairman Gary Gensler has hinted that an ETF will not be given the green light. spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. citing concerns about the risks associated with cryptomarket volatility.
In the meantime, a potential approval of an ETF of Bitcoin The U.S. cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. market an area or arena, online or offline, in which commercial dealings are conducted. continues to be one of the most anticipated events in the community, and multiple companies have applied for investment vehicles of this type. Among them, Grayscale has been trying to convert its popular Bitcoin GBTC, in a physical ETF; although, like the others, it has not been successful so far.
According to the ETF analyst at Bloomberg Henry Jim, regulators will have to respond to the latest request from ARK Invest at the latest in about 9 months, as the deadline for a verdict is 24 January 2023.
Ark 21Shares decides to try again for a “Spot” Bitcoin ETF and files 19b-4 with SEC.
Deadline for approval / disapproval: Jan 24, 2023 (latest).
— ETF Hearsay by Henry Jim (@ETFhearsay) May 26, 2022
- U.S.: SEC adds NYDIG and Global X Bitcoin ETF applications to its rejection list
- Bloomberg analysts propose that a Bitcoin ETF could hit the U.S. market by mid-2023
- Grayscale plans to launch first cryptocurrency ETF in Europe
Article by Hannah Estefania Perez / DiarioBitcoin
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