The U.S. securities regulator didn’t adequately explain why it denied the crypto asset manager’s application to launch a spot Bitcoin ETF after already approving two Bitcoin futures ETFs, a federal appeals court ruled. The SEC has been ordered to review the file again. (The Logic)
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The U.S. securities regulator didn’t adequately explain why it denied the crypto asset manager’s application to launch a spot Bitcoin ETF after already approving two Bitcoin futures ETFs, a federal appeals court ruled. The SEC has been ordered to review the file again. (The Logic)
Talking point: The ruling is good news for other firms hoping to launch spot Bitcoin ETFs of their own, including BlackRock and Fidelity. To date, the SEC has denied every application it has reviewed, citing market manipulation concerns. Many Bitcoin boosters believe a U.S. Bitcoin ETF could pave the way for greater adoption of the digital asset, since it would make it easier for investors to gain exposure through a registered vehicle, rather than going to the trouble of buying it themselves and holding it in custody. Canada became the first country in the world to approve a Bitcoin ETF in February 2021. Meanwhile, the SEC has announced its first-ever enforcement action against an NFT project, alleging Los Angeles-based Impact Theory sold unregistered securities.
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