U.S. SEC has 8-10 filings of possible bitcoin ETF products

us.-sec-has-8-10-filings-of-possible-bitcoin-etf-products
U.S. SEC has 8-10 filings of possible bitcoin ETF products

The U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to 10 filings for potential exchange-traded products related to bitcoin, according to SEC Chair Gary Gensler. This news has sparked speculation and caused a rally in the price of bitcoin, as investors anticipate the approval of a spot bitcoin exchange-traded fund (ETF). Such an ETF would provide investors with direct exposure to bitcoin through a product listed on an exchange. It’s worth noting that the SEC has previously approved ETFs tied to bitcoin futures contracts. Despite the positive sentiment, bitcoin’s price has experienced a slight decline of 1.6% to $33,958 during mid-day trading, although it has still gained nearly 14% this week. Gensler stated that the filings have different dates and he cannot provide a specific timeline for their consideration. The application from Cathie Wood’s ARK Invest is currently at the forefront, with the SEC comment period set to expire on January 10, 2024. Other firms, including BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco, also have pending applications for bitcoin funds in the U.S. The anticipation for spot ETFs has increased after the SEC decided not to appeal a court ruling that deemed its rejection of Grayscale Investments’ application to convert its existing bitcoin trust into a spot bitcoin ETF as incorrect. The court has instructed the SEC to reconsider its decision.

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