[ad_1]
Published: January 8, 2024 at 10:15am ET
The battle for Bitcoin supremacy has begun.
More than a dozen fund companies have filed the necessary paperwork to launch a Spot Bitcoin exchange-traded fund (ETF) and are awaiting a final decision from U.S. financial regulators on whether they can begin trading this week.
Bloomberg Intelligence ETF analyst James Seifert created a list of X…
The battle for Bitcoin supremacy has begun.
More than a dozen fund companies have filed the necessary paperwork to launch a Spot Bitcoin exchange-traded fund (ETF) and are awaiting a final decision from U.S. financial regulators on whether they can begin trading this week.
James Seifert, ETF Analyst at Bloomberg Intelligence compiled a list Fees ranging from Grayscale’s 1.5% GBTC fee to Bitwise’s proposed fee of 0.24% have been proposed for Fund The tax will be imposed on the earliest after the amount reaches $1 billion. .
Enthusiasm for Spot Bitcoin
BTCUSD
ETFs have grown in recent months after a federal judge ruled that the Securities and Exchange Commission erred in denying Grayscale Investments’ application to convert its Bitcoin trust into an ETF.
A federal judge ruled last August that the SEC’s reasons for denying Grayscale Investments’ application to list its Bitcoin Spot ETF were “arbitrary and capricious” and violated federal administrative law.
The judge ruled that the SEC’s decision to approve the two Bitcoin futures funds but reject the Bitcoin spot fund was due to the fact that the price of the Bitcoin futures market is closely linked to the price of the Bitcoin futures market. They argued that this violates the legal principle that “similar cases must be treated in the same way.” spot market.
The SEC approved the first Bitcoin futures ETF at the end of 2021.
The SEC had argued that the Bitcoin spot market lacks sufficient oversight to prevent fraud and manipulation, while the Bitcoin futures market is monitored by registered futures exchanges with sophisticated monitoring capabilities.
Regulators have set a deadline of January 10th to respond to a request from ARK 21 Shares to list a Bitcoin spot ETF, and experts believe regulators are giving preferential treatment to one company in a market characterized by a race for winners. I believe they will give the go-ahead to all applications at once to avoid this. All the dynamics.
The five SEC commissioners will reportedly vote this week on whether to approve the rule changes needed for ETFs to list, but for non-controversial products, that decision will be delegated to staff. Often.
Cryptoskeptics are lobbying regulators to reject the rule change in a last-ditch effort to prevent the debut of the Bitcoin Spot ETF.
Dennis Kelleher, president and CEO of financial reform advocacy group Better Markets, said in a statement Friday that “this approval… constitutes a historic mistake that will almost certainly result in massive harm to investors. Probably.”
“The vast and unrelenting fraud and manipulation in the Bitcoin market means that approving these products would expose millions of American investors and retirees to the very harms that the SEC is trying to prevent. means,” he added.
Experts say that despite these protests and SEC Chairman Gary Gensler’s public skepticism of the crypto industry, recent court decisions and Productive dialogue between the companies indicates that these products are likely to win approval within this week.
[ad_2]
Source link
