Third time’s the charm? ARK and 21Shares again file with SEC for Bitcoin ETF

Cathie Wood’s ARK Invest and European crypto concern steadfast 21Shares are seemingly unperturbed by the cryptocurrency regulatory situation successful the United States, again requesting support for a Bitcoin (BTC)-based fiscal product.

On April 25, the 2 companies requested that the U.S. Securities and Exchange Commission (SEC) o.k. the instauration of a spot Bitcoin exchange-traded money (ETF) contempt being rejected doubly before.

The 2 companies archetypal applied to create their spot Bitcoin ETF connected June 28, 2021, which was aboriginal rejected by the SEC successful April 2022. The regulator said the merchandise did not conscionable the requirements of listing a fiscal merchandise nether its rules of signifier arsenic good arsenic those of the Exchange Act.

The brace filed different petition for a 2nd clip successful May 2022, an exertion the SEC rejected again connected Jan. 26 this year.

An ETF allows investors vulnerability to a peculiar plus without really owning the underlying fiscal product. A spot Bitcoin ETF allows investors to summation indirect vulnerability to the cryptocurrency with shares that way BTC’s terms successful real-time without really holding Bitcoin.

While the SEC has approved a fig of Bitcoin Futures ETFs — that exposure buyers to the imaginable aboriginal worth of BTC — it has truthful acold rejected each exertion for a spot Bitcoin ETF citing difficulties with “protecting investors and the nationalist interest” against fraud and manipulation.

Related: Despite regulatory clarity, Hong Kong crypto ETFs acquisition lukewarm demand

According to ETF analysts from Bloomberg, it seems apt that a spot Bitcoin ETF could become a world successful the U.S. midway done this year.

New enactment retired connected wherefore we deliberation spot bitcoin ETFs volition get approved successful aboriginal Summer 2023. The SEC is proposing to grow the explanation of "exchange" which would bring crypto platforms nether SEC reg. After that (which could instrumentality a year) look for ETFs to get greenish airy via @JSeyff pic.twitter.com/TtFgFXrJ8h

Crypto conglomerate Digital Currency Group (DCG) is presently seeking to person its flagship Grayscale Bitcoin Investment Trust (GBTC) into a spot Bitcoin ETF and has sued the SEC for rejecting its proposal.

Grayscale main ineligible serviceman Craig Salm said successful a tweet connected Jan. 12, “The lawsuit is moving swiftly. While timing is uncertain, oral arguments whitethorn beryllium arsenic soon arsenic Q2 [2023].”

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