Tag: ETFs

Gary Gensler’s Bitcoin Regulation Grab – WSJ

The SEC has told spot ETP sponsors they must demonstrate that a significant amount of bitcoin trading occurs on a regulated market or that the underlying market “inherently possesses a unique resistance to manipulation beyond the protections that are utilized by traditional commodity or securities markets” (our emphasis). Mr. Gensler knows the first criterion can’t be met because bitcoin trading…

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SEC rejects Grayscale’s bid to convert GBTC to a Bitcoin ETF

The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF). The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though it’s green-lit multiple futures-based products.…

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SEC Considers Approval of Carbon-Neutral Bitcoin ETF | Cadwalader Cabinet

The stated investment objective of the exchange-traded fund (“ETF”) is to track the performance of Bitcoin as measured by an index designed to reflect the performance of Bitcoin in U.S. dollars on a carbon-neutral basis. The ETF intends to offset the carbon footprint associated with Bitcoin once a quarter by paying for the instantaneous retirement of voluntary carbon credits equal…

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SEC Says Bah Humbug to Spot-Bitcoin ETFs With Latest Rejections – Bloomberg

The U.S. Securities and Exchange Commission said on Wednesday that the proposals from Valkyrie Investments and Kryptoin failed to meet requirements to prevent fraudulent and manipulative practices that are needed to protect investors. It allowed futures-backed Bitcoin ETFs to be offered in October. The earlier-than-expected decision from the SEC could suggest a 2022 approval for a pure Bitcoin fund may…

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Bitcoin (BTC) ETF: SEC’s Gary Gensler Signals Pathway With Tough Rules – Bloomberg

The SEC under Gensler and his predecessor Jay Clayton has repeatedly balked at green-lighting a crypto ETF, with the agency raising concerns over transparency and potential for manipulation in the Bitcoin cash market. Most pending ETF applications have been filed under 1930s laws that allow stock exchanges to list products. Gensler is hinting that he’d like to see a filing…

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Bitcoin, other crypto ETFs face another hurdle in the U.S. with the ‘Sunday effect’ | Fortune

Digital currency enthusiasts are anxiously awaiting a regulatory decision on crypto exchange-traded funds in the U.S.—but there’s a drawback American asset managers will face, regardless: market hours. ETFs, by definition, trade on exchanges, which are subject to workweek-hour trading restrictions. Cryptocurrencies, on the other hand, can be bought and sold at all hours of the day, any day of the…

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