Following two delays and a period of relative uncertainty, the SEC ended up rejecting the proposal of WisdomTree, which analysts were already expecting after what happened with the VanEck.
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La U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) formally rejected the application made byWisdomTree for the creation of a fund listed on the stock exchange.(ETF) based onBitcoin.
SEC rejects Bitcoin ETF fromWisdomTree
This was stated by the SEC in a statement released yesterday, a verdict that comes months after the SEC said thatWisdomTree, in the company ofCBOE BZX, The application was submitted in March this year, after a couple of delays announced in June and July respectively.
In relation to the verdict, in the communiqué published by theSEC se lee:
“The commission concludes that BZX has failed to meet its obligations under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements established for national securities exchanges, which are designed to ‘prevent acts and practices that are fraudulent or manipulative,’ and ‘to protect investors and the interests of the public.'”
Verdict within expectations
As happened with other applicants, critics and analysts were expecting this kind of resolution from theSEC, as the process had taken too long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. to expect a positive response, and the regulator still seems to be very closed to the possibility of a Bitcoin ETF, arguing against the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. and the possibility that the market an area or arena, online or offline, in which commercial dealings are conducted. is manipulated.
Sin embargo, en octubre de este año la SEC opened up some light on this issue by allowing the creation ofETF’s based on Bitcoin futures, a market that is not fully associated with the digital currency, as the prices for the quotes correspond to estimates of the cryptocurrency’s price in certain timeframes.
Although the agency has already approved twoETF’s under this modality, the criticisms have not been long in coming from people and entities that follow the case closely. Perhaps the organization that raised its voice the loudest was the investment fund manager,Grayscale, which criticized theSEC for not treating futures-based proposals in the same way as the digital currency itself, even hinting that it could open legal action for violations of existing legal frameworks.
However, the race for the firstETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. 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. in the U.S. still stands. Entities such asGalaxy Digital, Fidelity, ARK Invest investing is when you put money in a financial scheme with the intent of making a gain. and many others. The SEC recently rejected the application ofVanEck, and public opinion is that the others could follow suit unless the regulator changes its mind.
- Grayscale criticizes SEC for not treating Bitcoin ETFs the same as BTC futures-based ETFs
- Defiance launches first NFT-linked ETF tracking companies in the sector
- Fidelity to launch a spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. Bitcoin ETF in Canada, tired of waiting for a response from the U.S.
Version by Angel Di Matteo /DiarioBitcoin
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