Regarding the issue of accepting spot ETFs: SEC Commissioner affirms it's time to stop denying crypto spot ETFs
Even the SEC itself cannot explain why they keep rejecting all spot ETF applications. It suggests that the containment of the release of such products is artificial and is clearly being prepared for a certain market trend. It makes little sense to launch such anticipated bitcoin products in 2022, as the market will not properly respond to these products.
My opinion remains unchanged, spot ETFs will not launch until the next bull cycle, sometime in 2024-2025.
Topic: List of ETF filings this year in the US(NEW ETF ADDED) (Read 761 times)
Recently, 2 more spot bitcoin ETFs were rejected by the SEC:
- NYSE Arca: https://www.sec.gov/rules/sro/nysearca/2022/34-94395.pdf
- Cboe BZX Exchange: https://www.sec.gov/rules/sro/cboebzx/2022/34-94396.pdf
Clearly, the adoption of a spot bitcoin ETF is not an immediate event, and those who thought that there would be approval at the beginning of the year were, to put it mildly, optimistic in their forecasts.
- NYSE Arca: https://www.sec.gov/rules/sro/nysearca/2022/34-94395.pdf
- Cboe BZX Exchange: https://www.sec.gov/rules/sro/cboebzx/2022/34-94396.pdf
Quote
The Commission concluded that [NYSE Arca and BZX] failed to fulfill [their] obligations under the U.S. Exchange Act and SEC rules to demonstrate that [their] offerings [comply] with the requirements of Section 6 (b) of the U.S. Exchange Act. In particular, the requirement that stock exchanges are obliged to prevent fraudulent actions and market manipulation to protect investors and public interests has not been fulfilled.
Clearly, the adoption of a spot bitcoin ETF is not an immediate event, and those who thought that there would be approval at the beginning of the year were, to put it mildly, optimistic in their forecasts.
The SEC has approved another Valkyrie ETF, the Valkyrie Bitcoin Miners ETF. The Nasdaq launch will be under the ticker WGMI.
Document here: https://www.sec.gov/Archives/edgar/data/1877493/000135445722000106/WGMI_8-ACert.pdf
The application for this ETF was submitted relatively recently and has already been approved: https://www.sec.gov/Archives/edgar/data/0001877493/000138713122000693/vbm-485bpos_012122.htm#vbm485apos110321a001
Document here: https://www.sec.gov/Archives/edgar/data/1877493/000135445722000106/WGMI_8-ACert.pdf
The application for this ETF was submitted relatively recently and has already been approved: https://www.sec.gov/Archives/edgar/data/0001877493/000138713122000693/vbm-485bpos_012122.htm#vbm485apos110321a001
Another application for a bitcoin ETF was rejected. Fidelity applied for the Fidelity`s Wise Origin Bitcoin Trust spot ETF and was rejected by the SEC.
https://www.sec.gov/rules/sro/cboebzx/2022/34-94080.pdf
It is unlikely that spot BTC ETF will be approved this year, although I have heard opinions that it could be approved as early as the beginning of 2022. And besides, approvals of such magnitude that can greatly increase market volatility are unlikely to be released during a market lull in terms of market making.
https://www.sec.gov/rules/sro/cboebzx/2022/34-94080.pdf
It is unlikely that spot BTC ETF will be approved this year, although I have heard opinions that it could be approved as early as the beginning of 2022. And besides, approvals of such magnitude that can greatly increase market volatility are unlikely to be released during a market lull in terms of market making.
SEC Rejects VanEck’s Spot Bitcoin ETF Proposal as predicted on my previous post since Spot ETF is a direct interaction to Bitcoin which is very crucial due to its volatility that will reflect on the consumer safety on buying this ETF. SEC Chair also imposed his preference for futures ETF instead of spot. In conclusion we still need more years for this long waited approval. I hope this will not gonna impact much on the current price of Bitcoin.
Well, it was certainly expected. I don’t know where there was such a positive attitude in the community about the fact that the spot ETF will be adopted early next year, and besides, there is a possibility that 2022 will be bearish. In my opinion, the spot ETF is, at best, a matter of the next bull run, which will take place after the next cycle of the crypto winter, and then the subsequent recovery and accumulation.
There are even opinions that the spot ETF will never be accepted, but I personally do not consider such categoricality at all.
Regarding the issue of accepting spot ETFs: SEC Commissioner affirms it's time to stop denying crypto spot ETFs
Even the SEC itself cannot explain why they keep rejecting all spot ETF applications. It suggests that the containment of the release of such products is artificial and is clearly being prepared for a certain market trend. It makes little sense to launch such anticipated bitcoin products in 2022, as the market will not properly respond to these products.
My opinion remains unchanged, spot ETFs will not launch until the next bull cycle, sometime in 2024-2025.
Even the SEC itself cannot explain why they keep rejecting all spot ETF applications. It suggests that the containment of the release of such products is artificial and is clearly being prepared for a certain market trend. It makes little sense to launch such anticipated bitcoin products in 2022, as the market will not properly respond to these products.
My opinion remains unchanged, spot ETFs will not launch until the next bull cycle, sometime in 2024-2025.
they can explain.. but they dont want to reveal the secret.. so i shall
they want their wall street buddy institutions to be the 'first mover' and first ETF offering. thus they have initial monopoly and can set the trends and the direction all other ETF services after them have to follow. they dont want small unknown business becoming the defacto #1.
..
to explain.
to offer it to a small business means small licence fee income. and small commissions on audit inspections.. however if a large institution started they can get large licence fees and charge more for audits and inspections. also it sets precedent's for the calibre or level all next issuers should follow.
having a large institution start the ball rolling brings instant utility and offering to many many customers meaning the markets do respond.
EG take the australian markets which some small unknown company offers something that resembles an ETF.. yet hardly anyone uses the australian markets so no one cares..
without you googling it. i bet you couldnt from memory tell me much about the australian example i hint at.. because no one cares to research/invest in it..
however a large institution on the US main big market. is a whole different story
The SEC approved an application to launch a bitcoin futures ETF from Teucrium Trading (Teucrium filed an application to launch a bitcoin futures ETF in May 2021), listing of the financial instrument is planned on NYSE Arca.
https://www.sec.gov/rules/sro/nysearca/2022/34-94620.pdf
https://www.sec.gov/rules/sro/nysearca/2022/34-94620.pdf
I think these decisions are in line with the expectations of those who are realistic about the physically-based BTC ETF. This is simply something we will have to wait a little longer for, because the SEC will simply not allow itself to approve such an instrument until they are 100% sure that they will be able to implement all possible mechanisms to prevent market manipulation.
Although I don't know if such a thing is possible at all, because who can prevent the volatility that has become one of the trademarks associated with Bitcoin. If I had to bet on a date, then I would say that Q4 2024 is the ideal period for approval - halving + ETF = big bang
Although I don't know if such a thing is possible at all, because who can prevent the volatility that has become one of the trademarks associated with Bitcoin. If I had to bet on a date, then I would say that Q4 2024 is the ideal period for approval - halving + ETF = big bang
The SEC postponed a decision on the applications of two spot bitcoin ETFs from WisdomTree and One River on April 4 and June 2, respectively, as it "considers it appropriate to appoint a longer period for taking action on the proposed rule hange".
decision on the WisdomTree application: https://www.sec.gov/rules/sro/cboebzx/2022/34-94476.pdf
decision on the One River application: https://www.sec.gov/rules/sro/nysearca/2022/34-94475.pdf
decision on the WisdomTree application: https://www.sec.gov/rules/sro/cboebzx/2022/34-94476.pdf
decision on the One River application: https://www.sec.gov/rules/sro/nysearca/2022/34-94475.pdf
It seems that the metaverse has reached the ETF and an application has been submitted to the SEC from ProShares to launch the ProShares Metaverse Theme ETF, which includes companies providing or using technologies related to their products and services with metaverses, such as Apple, Meta Platforms and Nvidia.
https://www.bloomberg.com/news/articles/2021-12-28/metaverse-etf-appetite-continues-as-proshares-files-application
https://www.sec.gov/Archives/edgar/data/1174610/000168386321007439/f10626d1.htm
https://www.bloomberg.com/news/articles/2021-12-28/metaverse-etf-appetite-continues-as-proshares-files-application
https://www.sec.gov/Archives/edgar/data/1174610/000168386321007439/f10626d1.htm
The SEC rejected WisdomTree's application to create a spot Bitcoin ETF, saying in a letter that it did not meet criteria “designed to prevent fraudulent and manipulative actions and practices” and “to protect investors and the public interest”. https://www.sec.gov/rules/sro/cboebzx/2021/34-93700.pdf
source: https://decrypt.co/87477/sec-wisdomtree-application-bitcoin-etf-rejection
source: https://decrypt.co/87477/sec-wisdomtree-application-bitcoin-etf-rejection
In my opinion, the spot ETF is, at best, a matter of the next bull run, which will take place after the next cycle of the crypto winter, and then the subsequent recovery and accumulation.
I don’t think we’ll have to wait for such an ETF until the end of 2024 or even 2025, it’s too long considering how much interest there is from quite powerful companies lobbying for it to happen as soon as possible. The fact is that such ETFs have been approved in some other countries (Canada), and that the SEC is certainly following what is happening there - and I am sure it will not delay its decision for years.
There are even opinions that the spot ETF will never be accepted, but I personally do not consider such categoricality at all.
There are various stupid opinions when it comes to Bitcoin, and I know it is very stupid to use the word “never” in the same sentence with Bitcoin - scientifically proven from 2009 until today
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SEC Rejects VanEck’s Spot Bitcoin ETF Proposal as predicted on my previous post since Spot ETF is a direct interaction to Bitcoin which is very crucial due to its volatility that will reflect on the consumer safety on buying this ETF. SEC Chair also imposed his preference for futures ETF instead of spot. In conclusion we still need more years for this long waited approval. I hope this will not gonna impact much on the current price of Bitcoin.
There's some bad news too that Bakkt shares loss value after there release of there third quarter loss report. One hell of ride again if this becomes a series of FUD.
There's some bad news too that Bakkt shares loss value after there release of there third quarter loss report. One hell of ride again if this becomes a series of FUD.
An interesting move is whether this will somehow help the faster adoption of the Bitcoin ETF, since the Congress of America itself is asking for it.
It certainly can't hurt that 2 US congressmen are pushing for the approval of a physically-backed BTC ETF, but these are just two of the 535 votes in the US Congress - and believe me, there are those who are against Bitcoin and cryptocurrencies in general. As for these two congressmen, they both come from federal states that are quite friendly towards Bitcoin (Minnesota & Florida), so their attitude is somewhat expected.
A related change move with a reaction would be ETF GrayScale, 19b-4 still in the spotlight. And December 24 will probably be the stop at a Christmas day this year. If I ignore the divergence factors, this is the period that will be strongest with the change in bitcoin value. 
https://twitter.com/EtfHearsay/status/1456009527963312130
https://twitter.com/EtfHearsay/status/1456009527963312130
I wonder if there will be more ETF approvals this year? At least derivative ones, because it is clear that we will not see the spot ETF soon.
I think the number of futures-based ETFs is something that will not make a significant difference in the crypto market, so their number may only be important because of competitiveness (lower fees). However, according to what can be read in the US media, a physically-based ETF could become a reality next year, maybe even in the first half of next year.
Now the only question is, will such an ETF really have an effect that will cause the price of BTC to skyrocket, or have our expectations been exaggerated all these years?
If they are really going to buy and hold then it will cause the price to rise. Skyrocket? Probably not since we are already at $60K+BTC / $1Trillion dollar market cap. So more of a long slow climb. But, I really think if it happens we could see a lot of investors who wanted to get into BTC but not "buy" any invest here.
Just my view.
-Dave
I wonder if there will be more ETF approvals this year? At least derivative ones, because it is clear that we will not see the spot ETF soon.
I think the number of futures-based ETFs is something that will not make a significant difference in the crypto market, so their number may only be important because of competitiveness (lower fees). However, according to what can be read in the US media, a physically-based ETF could become a reality next year, maybe even in the first half of next year.
Now the only question is, will such an ETF really have an effect that will cause the price of BTC to skyrocket, or have our expectations been exaggerated all these years?
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News came out on Twitter yesterday that the SEC had rejected an application for a leveraged futures ETF from Valkyrie Investments.
SEC Won’t Approve Leveraged Bitcoin Fund
https://www.sec.gov/Archives/edgar/data/0001877493/000183988221015489/valkbtfx-485apos_102621.htm
SEC Won’t Approve Leveraged Bitcoin Fund
https://www.sec.gov/Archives/edgar/data/0001877493/000183988221015489/valkbtfx-485apos_102621.htm
Well SEC seems not really prepared for this, They just want to approved some of the ETF to have a trial and observe the effect out of it. Bitcoin price moves up and down with a huge spread, I think this volatility cause by the ETF makes the SEC rethink and evaluate first on what will be the effect in the future if they still proceed on widening the acceptance of Bitcoin ETF. Me myself is actually not happy on the result. Whales is playing the market and enjoying the benefits of pump and dump due to speculation and manipulative media just to control retail tradrers decision on holding Bitcoin. Seeing Bitcoin trading below it's ATH for a week makes me scared that something big correction is inevitable since ETF hype was already and we can't expect more this year base on this recent rejection.
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The opinion began to circulate on the network that this year the SEC will not approve the spot-based bitcoin ET :
It is possible that it is for this reason that Bitcoin reacted today with a fall to $58 000. In general, I have a strong feeling that ETFs were adopted this year solely for BTC price manipulation.
It is possible that it is for this reason that Bitcoin reacted today with a fall to $58 000. In general, I have a strong feeling that ETFs were adopted this year solely for BTC price manipulation.
Probably since physically backed is far different from futures ETF, Futures ETF has a lot of downside for passive investor due to time limit involved on contracts. Not all investors don't want a complex trading with expiration of contract and insane fee. I would rather used exchange like Coinbase Pro than purchasing a very expensive futures ETF which really don't give ownership to real Bitcoin.
SEC is still undecided about the fate of physically backed bittcoin due to a lot of fraud and volatility happening on crypto space. It might backfire to them once somethings terrible happened to crypto and lots of investors loss funds on purchasing ETF. I think next year is the closest date for these ETF.
I read this on bybit newsletter, I think this is the reason.
Quote
51k contracts with a notional value of more than $3.2 billion are set to expire in the options market this Friday, Oct. 29. With the max pain price near $54k, a surge in volatility is to be expected as the expiry date draws near. As it stands, nearly 45% of calls and 7% of puts are still in the money, and with the current put-call ratio sitting at around 0.66, there is likely to be a bullish trend moving forward.
Competition is always good for every user, because a number of the same services on the market must compete to gain as many customers as possible, and they can only do so if they offer lower prices. I was quite surprised when I read how unfavorable this futures-based ETF actually is - and that may explain why the price of BTC drop after the media successfully sold the news and a new ATH was reached.
I guess people have very negative connotations when it comes to futures trading, obviously they remember the end of 2017 and CME futures.
I guess people have very negative connotations when it comes to futures trading, obviously they remember the end of 2017 and CME futures.
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They might be an ETF fee war once Van Eck Strategy approved probably today, They are offering much cheaper fee compared to it's competitor after the negative result on Valkyrie ETF opening last week.
Maybe we might see much cheaper ETF fee in the future, The current fee for all existing Bitcoint Futures ETF is insanely high IMHO.
Reference: https://www.ft.com/content/26893da4-7dcb-47d2-b6a8-6170a64dfbd0
Maybe we might see much cheaper ETF fee in the future, The current fee for all existing Bitcoint Futures ETF is insanely high IMHO.
Reference: https://www.ft.com/content/26893da4-7dcb-47d2-b6a8-6170a64dfbd0
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BITCOIN ETF NEWS RECAP
- ProShares ... SEC Approved Bitcoin (BTC) Futures ETF on October 18th Read more
Not approved, but also not banned, in other words, ProShares application is in limbo. "Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities .... Any representation to the contrary is a criminal offense." So arguing otherwise, you are now a criminal.
The media has already called this state of affairs a tacit agreement, although in my opinion SEC will keep them on a short leash - step to the right, step to the left and the summary execution on the spot.
There ETF was already sold out to the public since October 18. I can't fully verified what you are talking about since your reference is there Form N-1A and it was use for a new open-end mutual funds for there opening on 18.
https://www.cnbc.com/2021/10/19/first-bitcoin-futures-etf-rises-2percent-in-trading-debut.html
VanEck has also been approved to launch Bitcoin futures ETF to trade next week
The United States Securities and Exchange Commission, or SEC, has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund (ETF), with trading expected to begin on Monday.
Link : https://cointelegraph.com/news/vaneck-bitcoin-strategy-etf-will-likely-launch-next-week-as-crypto-prices-reach-aths
BITCOIN ETF NEWS RECAP
- ProShares ... SEC Approved Bitcoin (BTC) Futures ETF on October 18th Read more
Not approved, but also not banned, in other words, ProShares application is in limbo. "Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities .... Any representation to the contrary is a criminal offense." So arguing otherwise, you are now a criminal.
The media has already called this state of affairs a tacit agreement, although in my opinion SEC will keep them on a short leash - step to the right, step to the left and the summary execution on the spot.
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But can't see a Futures based ETF getting many investors - as Futures Roll is so expensive going to track BTC price less 12-15% a year (or worse if holds large proportion of open interest). Very expensive when compared to a physical ETF that can easily have less than 1% costs.
See:
https://bitcointalksearch.org/topic/why-would-anyone-buy-an-etf-that-yielded-btc-minus-12-per-year-5365787
for logic.
See:
https://bitcointalksearch.org/topic/why-would-anyone-buy-an-etf-that-yielded-btc-minus-12-per-year-5365787
for logic.
Bloomberg reported about SEC decision to set soon (reportedly next week) the approval of ProShares ETF pertaining to bitcoin. Another relevant filling to be approved is an Invesco one. This will be followed by Valkyrie, VanEck, Galaxy, etc..Following this news BTC price has touched $60 K on some exchanges, particularly on Binance . I'm watching KuCoin right now where some bots are trying to push the price back. Let's see what will happen...
The first approval will cause a domino effect. Four years ago, in 2017 we did not have any exchange with Bitcoin Futures but in December 2017, we had two exchanges: CBOE and CME.Now only CME is still providing Bitcoin Futures but they are pioneers for Bitcoin Futures and today we have many crypto exchanges with Bitcoin Futures.
Next four years, we will see Bitcoin ETF is something normal after the first Bitcoin ETF approval this year, if SEC approves it.
Bloomberg reported about SEC decision to set soon (reportedly next week) the approval of ProShares ETF pertaining to bitcoin. Another relevant filling to be approved is an Invesco one. This will be followed by Valkyrie, VanEck, Galaxy, etc..Following this news BTC price has touched $60 K on some exchanges, particularly on Binance . I'm watching KuCoin right now where some bots are trying to push the price back. Let's see what will happen...
I see Volt Equity ETFs have already been approved. I wonder how strongly Bitcoin will react if ETF approval after ETF begins? Perhaps the next wave of bitcoin pumping awaits us, like this year, thanks to the institutions.
I think it's going to be more of a question of how many ETFs will it take till it really gets moving.
As more come to be able to be bought more people will get in, as more people get in even more will be bought.
The 1st few, although important may not move the price in an large way until there is 'critical mass'.
What the number is to active critical mass, I have no idea.
-Dave
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One more crypto company has jumped into ETF race. This time it is crypo lender BlockFi that is seeking to launch ETF in USA. If the SEC approves this application then "the total value of the bitcoin to which the fund has economic exposure is equal to approximately 100% of the net assets of the fund." I think such an approval would be good news for customers of the US lending industry.
SEC will approve as long as its not a direct Bitcoin ETF since there's no clear regulation for that. A crypto company ETF is more acceptable for them since there's a firm regulation for ETF for company. This crypto company ETF list might increase in the following months when the ongoing Bitcoin ETF will be disapproved.
One more crypto company has jumped into ETF race. This time it is crypo lender BlockFi that is seeking to launch ETF in USA. If the SEC approves this application then "the total value of the bitcoin to which the fund has economic exposure is equal to approximately 100% of the net assets of the fund." I think such an approval would be a good news for customers of the US lending industry.
Some details from BlockFi profile:
https://craft.co/blockfi
Some details from BlockFi profile:
https://craft.co/blockfi
SEC Chair Gensler: A Ban on Crypto Would Be ‘Up to Congress’
Finally it was spoken that SEC is not in charge to ban crypto that is up to the Congress. It is a misleading statement because if the Congress want to ban crypto, there will be turned into real implementation via SEC.
If the crypto market can have the first Bitcoin ETF, it will give the market a very positive sentiment. People who are only observing and hesitating to invest in Bitcoin will make their decisions to be in. A new FOMO wave will occur.
In 2017, the market has first future exchanges: CBOE and CME.
In 2017, will the market has first Bitcoin ETF?
Finally it was spoken that SEC is not in charge to ban crypto that is up to the Congress. It is a misleading statement because if the Congress want to ban crypto, there will be turned into real implementation via SEC.
If the crypto market can have the first Bitcoin ETF, it will give the market a very positive sentiment. People who are only observing and hesitating to invest in Bitcoin will make their decisions to be in. A new FOMO wave will occur.
In 2017, the market has first future exchanges: CBOE and CME.
In 2017, will the market has first Bitcoin ETF?
@Coin_trader, thanks for the interesting information, things seem to be starting to move in a positive direction, and such SEC decisions give even more hope to those eagerly awaiting the BTC ETF. It is also now more than clear that in the event of a positive decision, this ETF will be based on futures, which is again a step forward - but the question is whether such an ETF will have a significant impact on the crypto market, because everyone is hoping for a physically-backed ETF.
I would not say that there is anything strange or ridiculous in the fact that such an ETF is approved, because it is something completely different from what the SEC has persistently refused for years.
I would not say that there is anything strange or ridiculous in the fact that such an ETF is approved, because it is something completely different from what the SEC has persistently refused for years.
Quote
Park said the Bitcoin Revolution Fund will be less volatile than pure crypto plays since a plunge in the price of Bitcoin does not have a major affect on the shares of firms like Tesla or PayPal. Like other ETFs, the Volt fund's fees are modest, consisting of a 0.85% annual management fee.
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@Lucius, Fair enough.
OT, SEC approved an ETF for company that holding large amount Bitcoin on there balance sheet, This ETF includes 30 company and some of it are Tesla, Twitter, PayPal and many more. It's funny that the ETF for huge company approves faster than Bitcoin ETF that been pending for a couple of years.
Source: https://decrypt.co/82864/sec-bitcoin-etf-volt-tesla
OT, SEC approved an ETF for company that holding large amount Bitcoin on there balance sheet, This ETF includes 30 company and some of it are Tesla, Twitter, PayPal and many more. It's funny that the ETF for huge company approves faster than Bitcoin ETF that been pending for a couple of years.
Source: https://decrypt.co/82864/sec-bitcoin-etf-volt-tesla
There's a high probability that they will really approve some this ETF because they can just reject it if they are still not happy about it but they move the approval date and some of the member of SEC giving a positive statement about there stand in cryptocurrency ruling,
I personally doubt that probability is high, because as I wrote recently, the SEC is very tough in its stance on Bitcoin in terms of approving ETF. In general, nothing has changed when it comes to Bitcoin (except the price), which means that the SEC still does not want to give the green light to something that is "largely unregulated" according to them.
This delay is a blessings in disguise by SEC and we might see a legit 6 digit price this Christmas. FOMO will start once Bitcoin hits again 60K mark.
It is not a matter of any delay resulting from the SEC expressing any doubts about its decision - it is a matter of respecting legal deadlines and procedures. As far as I know, the final decision is made after 240 days, and it is preceded by two more deadlines in which the SEC can (and does not have) make a decision or extend everything to the next deadline.
Quote from: https://www.cnbc.com/2021/08/19/experts-say-sec-approval-for-a-bitcoin-etf-wont-happen-any-time-soon.html
But even though Gensler seems more comfortable with futures-based bitcoin ETFs than physical ones, they are likely still far off. “I expect a futures-based [bitcoin] ETF approval is more likely to occur in 2022 than in 2021,” Rosenbluth says.
This is likely due, in part, to SEC concerns. Along with worry over fraud and volatility within the cryptocurrency space, the SEC may also be concerned about how demand for a physical bitcoin ETF would impact the overall market.
Futures-based bitcoin ETFs would also come with unique risks, including that they do not necessarily track the price of the underlying security and come with higher costs, Rosenbluth says.
This is likely due, in part, to SEC concerns. Along with worry over fraud and volatility within the cryptocurrency space, the SEC may also be concerned about how demand for a physical bitcoin ETF would impact the overall market.
Futures-based bitcoin ETFs would also come with unique risks, including that they do not necessarily track the price of the underlying security and come with higher costs, Rosenbluth says.
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SEC delays again the result of 4 Bitcoin ETF for another 60 days. List of the following ETF below:
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
- Kryptoin Bitcoin ETF
- WisdomTree Bitcoin Trust
- Valkyrie XBTO Bitcoin Futures Fund
- Global X Bitcoin Trust
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
That’s a bit of a shame but the timing better matches up with the expected peak of Bitcoin this cycle anyway. Before this news I expected we’d see an ETF approval in the next two weeks. Now it’s looking like we’ll be waiting until the end of November instead. In any event, it should be a good Christmas this year.
There's a high probability that they will really approve some this ETF because they can just reject it if they are still not happy about it but they move the approval date and some of the member of SEC giving a positive statement about there stand in cryptocurrency ruling, This delay is a blessings in disguise by SEC and we might see a legit 6 digit price this Christmas. FOMO will start once Bitcoin hits again 60K mark.
SEC delays again the result of 4 Bitcoin ETF for another 60 days. List of the following ETF below:
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
- Kryptoin Bitcoin ETF
- WisdomTree Bitcoin Trust
- Valkyrie XBTO Bitcoin Futures Fund
- Global X Bitcoin Trust
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
That’s a bit of a shame but the timing better matches up with the expected peak of Bitcoin this cycle anyway. Before this news I expected we’d see an ETF approval in the next two weeks. Now it’s looking like we’ll be waiting until the end of November instead. In any event, it should be a good Christmas this year.
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SEC delays again the result of 4 Bitcoin ETF for another 60 days. List of the following ETF below:
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
- Kryptoin Bitcoin ETF
- WisdomTree Bitcoin Trust
- Valkyrie XBTO Bitcoin Futures Fund
- Global X Bitcoin Trust
Maybe this is the reason why Bitcoin is pumping hard. Another room for possible hype before the result of approval on ETF application. Whales well played on this part.
Source: https://finance.yahoo.com/news/sec-stalls-again-four-bitcoin-194923376.html
An ETF is a financial product that was created in 1993 in the US when Nathan Most and Steven Bloom jointly developed the S&P SPDR Deposit Receipts index.
ETFs are not the same market as the bitcoin market.
The SEC always claims to protect investors, but in reality they are more like a CYA entity. They talk about a good game, but really more reactive than proactive.
Some of the hurdles that some companies have overcome are insane. And since internet and internet security are new, they have asked for a lot. Now, it's a well-known process that at least one is aware of though not easy or simple. So you can send in an efficient way.
ETF is one of the important products, creating value for investors in recent years. In particular, if used wisely, ETFs become a product that brings great value to investors.
ETFs are not the same market as the bitcoin market.
The SEC always claims to protect investors, but in reality they are more like a CYA entity. They talk about a good game, but really more reactive than proactive.
Some of the hurdles that some companies have overcome are insane. And since internet and internet security are new, they have asked for a lot. Now, it's a well-known process that at least one is aware of though not easy or simple. So you can send in an efficient way.
ETF is one of the important products, creating value for investors in recent years. In particular, if used wisely, ETFs become a product that brings great value to investors.
If Physically Backed ETF will be approved, will the current Bitcoin price volatility will gonna lessen? Sec will surely monitor and implement guideline to address issue before they start approving this ETF filing because they will ensure that this is safe for consumer investment. I'm not knowledgeable enough on how ETF so maybe there's a flaw on my opinion.
As the amount of fiat increases that goes into bitcoin, it will help reduce volatility because as the market increases, the amount of bitcoin or fiat that is required to move the market will increase also.
The SEC always claims to be about protecting investors, but in reality they are more of a CYA entity. How else could they miss Bernie Madoff for decades? How else could they miss Stanford Financial? They talk a good game, but are really more reactive than proactive. I hope they approve one, but if the last ~8 years is any guide, it will be only when they are dragged kicking and screaming to do it.
The approval of cryptocurrency ETFs in the USA by the SEC. Could coincide with deployment of the taproot amendment to bitcoin core, if they are approved near october 2021 as some claim. That's the most interesting aspect to recent rumors of the SEC taking a more open stance towards crypto ETFs. Along with possibly mounting pressure on regulators from an increasing number of crypto whales to grant ETFs a green light.
Other countries have used and enjoyed crypto ETFs for years now. While americans have always been barred from enjoying similar options. Its ironic how the "land of the free" offering far fewer financial freedoms and opportunities in contrast to foreign lands has become entirely normalized. Aside from the 2nd amendment and gun ownership, a case could be made for us having the fewest (financial) freedoms in the entire world.
Other countries have used and enjoyed crypto ETFs for years now. While americans have always been barred from enjoying similar options. Its ironic how the "land of the free" offering far fewer financial freedoms and opportunities in contrast to foreign lands has become entirely normalized. Aside from the 2nd amendment and gun ownership, a case could be made for us having the fewest (financial) freedoms in the entire world.
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Invesco/Galaxy just filed for a physically backed Bitcoin ETF.
Source: https://twitter.com/JSeyff/status/1440426226728853505
I will update the table tomorrow.
Source: https://twitter.com/JSeyff/status/1440426226728853505
I will update the table tomorrow.
The SEC is known for moving slowly with new things.
For all the people complaining about the ETF approval speed think back to the 1990s when self directed online brokerages were becoming a thing.
Some of the hurdles that some companies went thorough were insane. And since the internet and internet security were new they were demanding a lot.
Now, it's a well known process that although not easy or simple is at least known. So you can submit in a way that works.
I am 99% sure it's the same here. If this entire ETF thing goes to shit, then the SEC has the 'we did what we could' defense when the people who approved it get hauled before congress to explain what happened.
-Dave
For all the people complaining about the ETF approval speed think back to the 1990s when self directed online brokerages were becoming a thing.
Some of the hurdles that some companies went thorough were insane. And since the internet and internet security were new they were demanding a lot.
Now, it's a well known process that although not easy or simple is at least known. So you can submit in a way that works.
I am 99% sure it's the same here. If this entire ETF thing goes to shit, then the SEC has the 'we did what we could' defense when the people who approved it get hauled before congress to explain what happened.
-Dave
an ETF is not the same market as the bitcoin market.
the bitcoin market can and will change with ETF precent
what you will find is that for every bitcoin it will represent as say 10000 shares of an ETF
meaning if the price changes from $49k-$51k on the bitcoin market
it will only appear as a $4.90-$5.10 change on the ETF share market
something they can handle
..
as for what to expect when the first ETF is approved
well two things
if that approved ETF has not bought large yields of bitcoins to custodian-ise. they will.
also the other companies will see the approved ETF application and use it as a template for how they set their business. afterall why confuse regulators. just copy and paste the approved one. and boom. next one gets approved as its the same thing(pretty much an auto accept)
you will see a few ETF jump in in quick succession offering the same proposal and needing to then grab up lots of bitcoin to fill their custody trusts.
so the bitcoin exchanges will see a jump in price with large yield coin buy-ups
the bitcoin market can and will change with ETF precent
what you will find is that for every bitcoin it will represent as say 10000 shares of an ETF
meaning if the price changes from $49k-$51k on the bitcoin market
it will only appear as a $4.90-$5.10 change on the ETF share market
something they can handle
..
as for what to expect when the first ETF is approved
well two things
if that approved ETF has not bought large yields of bitcoins to custodian-ise. they will.
also the other companies will see the approved ETF application and use it as a template for how they set their business. afterall why confuse regulators. just copy and paste the approved one. and boom. next one gets approved as its the same thing(pretty much an auto accept)
you will see a few ETF jump in in quick succession offering the same proposal and needing to then grab up lots of bitcoin to fill their custody trusts.
so the bitcoin exchanges will see a jump in price with large yield coin buy-ups
ETF will need many time to be approved and I remember in 2017 and 2018, the market was attacked by many FUDs with ETF disapproval.
I know ETFs when get approved will be good news for the market and it will bring more users, more capital into crypto market. Good for long term but in the meantime, social media will be changed between positive and negative with ETF news.
Gold has good growth after the first Gold ETF and I think crypto market will have same growth with approval ETFs.
I know ETFs when get approved will be good news for the market and it will bring more users, more capital into crypto market. Good for long term but in the meantime, social media will be changed between positive and negative with ETF news.
Gold has good growth after the first Gold ETF and I think crypto market will have same growth with approval ETFs.
I'm really excited on what will the impact when this Big news came true. I'm sure that a lot more ETF fling will start to get go signal after that.
It has been speculated that publishing such news (when it comes to US-based BTC ETFs) would be something that would significantly affect the price of Bitcoin - although I’m not sure if the effect would be the same given whether the accepted ETF is physically or derivates based. The first makes a big difference because it is backed with the actual BTC that the company has to buy on the market, and the second is of course different from that because it allows investing in BTC without the company investing in it at all.
Yet some influential people from the crypto community don’t think the BTC ETF is a good idea, and among them is @theymos who made an interesting comment on what Andreas Antonopolous posted about it. Although it should be borne in mind that this is an opinion given 3 years ago, so I leave the possibility that today they may think differently.
Quote
theymos
3y
edited 3y
An ETF probably will increase the price a lot (until the ETF suffers its near-inevitable catastrophe), which has some pros and cons.
3y
edited 3y
An ETF probably will increase the price a lot (until the ETF suffers its near-inevitable catastrophe), which has some pros and cons.
Andreas Antonopolous: ETF's are NOT good for bitcoin as the centralized custodian can decide what to do with the bitcoin they're holding.
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It's a bit strange for someone to make such a move, but obviously, there are some truths in the article you linked to - because there is speculation that the reason for giving up in such a short time came precisely because the SEC suggested so. Although it’s a little weird that both companies didn’t have that information before submitting the application.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
Quote
Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
I recently read this article and they might have a point. Withdrawing the ETF right after there file it is just wasting of resources unless they will gain something from doing it. VanEck and ProShares is a pretty solid and in fact the most close to reality for ETF filing to be approve. I'm really excited on what will the impact when this Big news came true. I'm sure that a lot more ETF fling will start to get go signal after that.
It's a bit strange for someone to make such a move, but obviously, there are some truths in the article you linked to - because there is speculation that the reason for giving up in such a short time came precisely because the SEC suggested so. Although it’s a little weird that both companies didn’t have that information before submitting the application.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
Quote
Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
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VanEck and ProShares withraw there proposal of ETF futures for Ethereum just 2 days after filing them is this a coincidence or somethings wrong about ETH which results for backing out of these 2 company?
Source: https://www.coindesk.com/vaneck-proshares-abruptly-withdraw-ether-futures-etf-proposals
Source: https://www.coindesk.com/vaneck-proshares-abruptly-withdraw-ether-futures-etf-proposals
This will be a hard work especially if you are not familiar with filing system on SEC. I hope everyone will cooperate and help me to gather all data needed so that everyone will be updated on what's going on this process of Bitcoin being fully regulated.
If I'm not mistaken, the whole procedure can take up to 240 days when the SEC has a deadline to publish the final decision, and we have the final date for each of the applications with 19b-4. Accordingly, I think we should focus on that deadline, because it is the only important thing - but another important thing is that very few really believe that the SEC will accept any request if we take into account everything that is currently happening in the US regarding cryptocurrency.
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You organized and expressed nicely. It seems all of the physically backed ETFs are remaining to await approval, besides some are waiting for form last year. What's wrong with them! the result can be positive or negative but they can release them, I think they are taking time for their approval cause they want to see the adoption rate & sustainability of bitcoin in the bullish phase.
This is from the Bloomberg Intelligence data analysis. They compile all the recordings from SEC about the status of all Bitcoin ETF file, The update on the list will be our duty now by checking all the SEC update on each of them. This will be a hard work especially if you are not familiar with filing system on SEC. I hope everyone will cooperate and help me to gather all data needed so that everyone will be updated on what's going on this process of Bitcoin being fully regulated.
I know for sure that there are some ETF filings especially in the SEC but I am surprised that there are actually a lot and so far not a single entity got the final nod or approval of the agency. I surmised that the biggest reason for this non-action is the fact that the regulatory framework for cryptocurrency is not that yet established. That famous infrastructure Bill included the cryptocurrency industry for the sake of getting more taxed and it is not well-studied...let's hope that there will be a more comprehensive bill dedicated to this expanding industry so as to clear confusion and ignorance.
If Physically Backed ETF will be approved, will the current Bitcoin price volatility will gonna lessen? Sec will surely monitor and implement guideline to address issue before they start approving this ETF filing because they will ensure that this is safe for consumer investment. I'm not knowledgeable enough on how ETF so maybe there's a flaw on my opinion.
It will probably decrease volatility, but only to a certain extent(I'm guessing the difference wouldn't even be noticeable, as it's going to take a good amount of time to have a noticeable effect). Most of the time more market liquidity means less volatility, but let's not forget that Bitcoin(and cryptocurrencies in general) is still an asset class that will be heavily heavily influenced by news and such.
If Physically Backed ETF will be approved, will the current Bitcoin price volatility will gonna lessen? Sec will surely monitor and implement guideline to address issue before they start approving this ETF filing because they will ensure that this is safe for consumer investment. I'm not knowledgeable enough on how ETF so maybe there's a flaw on my opinion.
I am surprised to see the list of physically backed ETFs but unfortunately none of them are approved till date which is a matter of concern.
Why are you surprised by the fact that no ETF has yet been approved in the US, no matter what type it is? There is a time for everything, and the SEC believes that the time has not yet come for this form of trading - for reasons that have already been listed countless times in dozens of threads on this topic.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Obviously, they have problems with any type of crypto ETF, which is why they haven’t approved any yet - isn’t that self-explanatory? If you are interested in the exact reasons why a crypto ETF was rejected, simply read what the SEC wrote in its reasoning.
Here is something direct from the SEC Commissioner about the reasons and opinions when it comes to the BTC ETF ->
SEC Commissioner Explains Why A Delayed Bitcoin ETF Has Consequences
Excellent! Thank you for all your efforts in creating this list. I am surprised to see the list of physically backed ETFs but unfortunately none of them are approved till date which is a matter of concern. Because only these type of ETFs have the power to drive the bitcoin market to another level. Derivatives bases ETFs makes little sense because it won't drive any demand in the market.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Please keep this list up to date as and when information pours in.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Please keep this list up to date as and when information pours in.
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Physically Backed
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