1 year ago
Fidelity has submitted an updated connection for a spot bitcoin exchange-traded money (ETF) to the U.S. Securities and Exchange Commission (SEC). The plus manager joins different applicants successful continued efforts to code regulatory concerns that person stood successful the mode of approving the concern product.
Fidelity Files Updated Spot Bitcoin ETF Prospectus With SEC
Financial elephantine Fidelity has submitted a revised mentation of its Wise Origin Bitcoin Trust to the U.S. securities regulator. The updated spot bitcoin ETF prospectus seeks to conscionable SEC requirements which could summation the chances of approval.
With the caller filing, Fidelity joins different imaginable issuers that person tried to code the regulator’s concerns successful assorted areas. Invesco and Ark Invest refiled their applications earlier successful October.
Bloomberg’s James Seyffart views these moves arsenic affirmative signs. The ETF expert commented connected the latest improvement successful a post connected X, formerly Twitter:
More impervious that imaginable spot Bitcoin ETF issuers are successful connection with SEC regarding changes/amendments required for SEC to see approving. Positive signs IMO.
Seyffart stock a tweet by concern Lawyer Scott Johnsson who highlighted respective communal themes that look successful the amended applications. These see detailing custodial arrangements, addressing hard forks and the vigor intensive quality of crypto mining.
Recurring themes I’m seeing successful the amendments truthful far:
– Specifying custodial arrangements successful detail
– Mechanics astir hard forks
– Valuation/pricing sources and adherence to GAAP
– Risk disclosure astir regulatory uncertainty
– Mining is precise vigor intensive… https://t.co/sFJqwznuzr
— Scott Johnsson (@SGJohnsson) October 17, 2023
The U.S. Securities and Exchange Commission approved ETFs holding bitcoin futures successful 2021 but the bureau has been reluctant to springiness the motion to a spot bitcoin ETF, antecedently citing risks of fraud and marketplace manipulation arsenic good arsenic concerns implicit custody and capitalist protection.
Earlier this year, the SEC accepted to reappraisal a fig of applications but has since delayed its decisions connected the proposals of Fidelity, fiscal powerhouse Blackrock, Vaneck, Wisdomtree, Valkyrie, Bitwise, and Invesco among others.
The Commission’s judgement connected 1 oregon much ETFs is expected by galore successful the manufacture successful the archetypal 4th of adjacent twelvemonth with events specified arsenic the SEC precocious missing the deadline to entreaty a tribunal ruling successful favour of Grayscale’s spot bitcoin ETF giving origin for optimism. As a impervious of the increasing anticipation, bitcoin (BTC) surged this week connected fake quality that Blackrock’s bitcoin ETF had been approved.
Do you deliberation the SEC volition o.k. the updated applications for spot bitcoin ETFs? Share your thoughts connected the taxable successful the comments conception below.
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