The U.S. Securities Exchange Commission (SEC) has two spots today. bitcoin The ETF has yet to make up its mind about its application.
Spotlight so far from the SEC, which recently rejected applications by NYDIG and Global X. Bitcoin ETFThere was no positive decision for them.
SEC, NYDIG #Bitcoin The ETF rejected his application.
SEC rejects Global X Bitcoin Trust fund listing application.
— Bitcoin System (@bitcoinsystem) March 11, 2022
Reason What?
The SEC determined that ETF filings by NYDIG and Global X did not meet the principles of “preventing fraudulent and manipulative acts and practices, investor protections, and the public interest.”
In its previous decisions, the institution also rejected spot Bitcoin ETF applications due to lack of investor protection.
by the SEC towards the end of 2021. Bitcoin Strategy ETFs approval, albeit implicitly, raised expectations for spot ETFs. However, no spot Bitcoin ETF has been approved to date.
Although the SEC has not changed its mind on the Bitcoin Spot ETF, not all SEC members agree. Because SEC member Hester Peirce has said in recent months that there is no reason not to approve a spot Bitcoin ETF.
It is evaluated that the approval of a Spot Bitcoin-based ETF from the USA may cause many institutional investors to turn to this area.