The Securities and Exchange Commission (SEC) has engaged in discussions with asset managers regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. The recent meetings included officials from Gary Gensler’s office, indicating a heightened level of attention from the regulator.
BlackRock, one of the asset managers, held a meeting with the SEC on December 14 to discuss the proposed rule change that would allow the trading of the crypto investment vehicle on major exchanges. This marks the third meeting between BlackRock and the SEC to review the application.
Other asset managers, such as Grayscale, Franklin Templeton, Fidelity, and WisdomTree, have also met with the SEC to discuss their respective applications for spot Bitcoin ETFs. The SEC has historically denied similar proposals, but the regulator is now expected to make its next decisions in early January.
If approved, a spot Bitcoin ETF would enable the trading of the cryptocurrency on Wall Street’s major exchanges, making it accessible to a wider range of investors. However, if denied, investment managers are likely to appeal the ruling, further prolonging the process.
A spot Bitcoin ETF differs from a futures Bitcoin ETF in that it directly tracks the real-time market price of Bitcoin and holds actual Bitcoin. On the other hand, a futures Bitcoin ETF invests in Bitcoin futures contracts, which are agreements on the future price of Bitcoin.
The SEC’s engagement with asset managers reflects the growing interest in Bitcoin ETFs and the potential impact on the cryptocurrency market. The discussions have focused on concerns over market manipulation, investor protections, and the acquisition of spot Bitcoin from physical exchanges.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Jayme Seyffart, James Seyffart, Gary Gensler |
| Companies | Franklin Templeton, SEC, Fidelity, Grayscale, BlackRock |
| Currencies | Bitcoin |
| Securities | None |
