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The U.S. Securities and Exchange Commission (SEC) has delayed six proposed Bitcoin Exchange Traded Funds (ETFs) so far, with the potential of more. The six ETFs to have their proposals delayed so far are from the firms Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, and Invesco. All six have had their applications for a Bitcoin ETF rejected, with the SEC citing concerns about market manipulation and lack of investor protections.
Now, another big player may join the ETF race. BlackRock, the world’s largest asset manager, is reportedly looking into creating an ETF. However, they have stated that they are still weighing the risks and opportunities of the project.
Given the difficulties of getting a Bitcoin ETF approved, it remains to be seen if BlackRock is able to make its ETF a reality. The SEC has consistently emphasized its concerns over how the Bitcoin market operates, and has highlighted the lack of transparency and investor protections as major barriers to approval. Furthermore, the SEC is adamant about having appropriate surveillance procedures in place for any ETFs that are approved.
Clearly, any Bitcoin ETF application will need to address these issues with a viable solution before being considered by the commission. Until then, we can only wait and see if BlackRock will be able to clear all the regulatory hurdles.