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SEC Continues Against Approving Spot Bitcoin ETFs While Approving Leveraged ETFs: The Discrepancy Is Addressed
The SEC continues to stand firm in rejecting spot Bitcoin ETFs while simultaneously approving leveraged Bitcoin Futures ETFs. This disparity was highlighted in a letter from our attorneys to the DC Circuit. The letter emphasized that the only solution to the unequal treatment of Bitcoin-based ETPs is to allow proposed spot Bitcoin ETPs, such as Grayscale's, to trade. It is worth noting that several companies, including BlackRock and ARK Investment Management, have filed with the SEC for spot crypto ETFs. However, these filings were described by SEC officials as not being “clear enough and comprehensive.” Because of this rejection, some companies...
SEC Continues Against Approving Spot Bitcoin ETFs While Approving Leveraged ETFs: The Discrepancy Is Addressed
The SEC continues to stand firm in rejecting spot Bitcoin ETFs while simultaneously approving leveraged Bitcoin Futures ETFs. This disparity was highlighted in a letter from our attorneys to the DC Circuit.
The letter emphasized that the only solution to the unequal treatment of Bitcoin-based ETPs is to allow proposed spot Bitcoin ETPs, such as Grayscale's, to trade.
It is worth noting that several companies, including BlackRock and ARK Investment Management, have filed with the SEC for spot crypto ETFs. However, these filings were described by SEC officials as not being “clear enough and comprehensive.”
Due to this rejection, some companies have decided to resubmit their applications and include crypto exchange Coinbase as a monitoring partner.
It is becoming clear that the approval of spot Bitcoin ETFs is crucial to eliminate the unequal treatment of Bitcoin-based ETPs.
Source: SEC calls ETF filings inadequate, Binance loses Euro partner and other news: Hodler’s Digest, June 25 – July 1