US SEC accepts six spot bitcoin ETF proposals for review
Reuters
Published Jul 19, 2023 10:01AM ET
Updated Jul 19, 2023 04:28PM ET
By Hannah Lang
(Reuters) - The U.S. Securities and Exchange Commission (SEC) has accepted applications to create spot bitcoin exchange-traded funds from six firms including BlackRock (NYSE:BLK) for review, the first step in the agency's process for deciding whether or not to approve the latest round of proposals.
The SEC also formally acknowledged applications from Bitwise, VanEck, WisdomTree, Fidelity and Invesco for similar spot bitcoin ETFs, with those proposals appearing on the Federal Register Tuesday and Wednesday.
The SEC has previously rejected dozens of spot bitcoin ETF applications, saying the proposals did not meet anti-fraud and investor protection standards.
But Nasdaq -- where BlackRock proposed to list its ETF -- said earlier this month that it would address those concerns by working with Coinbase (NASDAQ:COIN), the largest U.S.-based crypto exchange, to police trading in the underlying bitcoin market. Similar filings from CBOE Global Markets also proposed a similar surveillance arrangement.
The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021.
Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.