Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

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

Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 2... Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 2... Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration

Listen to the article now

According to SEC Chair Gary Gensler, the U.S. Securities and Exchange Commission (SEC) is reviewing eight to ten submissions of potential bitcoin exchange-traded products.

Due to expectations that the SEC will soon approve the creation of a spot bitcoin exchange-traded fund (ETF), which would provide investors direct access to the cryptocurrency through an exchange-listed product, the price of bitcoin has increased this week.

Only ETFs linked to bitcoin futures contracts have received approval from the SEC thus far.

After rising over 14% this week, the most prominent cryptocurrency in the world was down 1.6% at $33,958 in midday trade.

They might make it to the five-person commission. Though I won’t evaluate them beforehand, I have no idea when,” Gensler remarked. “They all have various filing dates.”

The first application in line is Cathie Wood’s ARK Invest application. Regulators must decide whether to approve or reject the proposal by January 10, 2024, the end of the 240-day SEC comment period.

Invesco (IVZ.N), Fidelity, Bitwise, BlackRock (BLK.N), and WisdomTree (WT.N) are a few more companies that have applications for Bitcoin funds pending in the United States.

Since the SEC decided not to appeal a court decision finding that it had been incorrect to deny Grayscale Investments’ application to convert its current bitcoin trust into a spot bitcoin ETF, interest in spot ETFs has grown. It has been directed by the court to reevaluate that choice.


Comment Template

You May Also Like

Politics

Federal Reserve officials say inflation has dropped closer to their objective in recent months but anticipate cutting their benchmark interest rate once this year....

Business

The bloc ignores its main electric car manufacturers and prepared to impose further levies on Chinese imports, claiming “economic injury”. The EU will impose...

Uncategorized

Tesla shareholders have accepted Elon Musk’s multibillion-dollar compensation package. The deal is now valued at $44 billion (£34 billion). The package was once worth...

Business

The 50-year U.S.-Saudi petrodollar deal expired recently. Global crude oil transactions employ the U.S. dollar, known as the “petrodollar”. After the U.S. left the...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok