The US Securities and Exchange Commission (SEC) has announced a delay in the review process for WisdomTree’s spot Bitcoin (BTC) exchange-traded fund (ETF) application, a move widely anticipated by industry experts. This delay is part of a series of postponements affecting multiple ETF applications, including those submitted by Invesco and Galaxy Digital, and even Valkyrie Funds’ application, which was originally due on Monday.In total, seven ETF applications are expected to experience delays today. WisdomTree had previously filed for a spot Bitcoin ETF application with NYSE Arca in 2022, but without success. However, the firm refiled the ETF application in July 2023.Jeremy Schwartz, WisdomTree’s global chief investment officer, expressed optimism about the current filing in an interview on CNBC’s “ETF Edge.” He noted that the firm has successfully launched products in Europe, where regulators have been more receptive and have gained confidence in the market infrastructure and custodial arrangements.The SEC had previously rejected WisdomTree’s applications in 2021 and 2022, citing concerns about investor protection and the public interest. Schwartz hopes that the changes made in the updated filing will address the SEC’s concerns, including implementing data sharing agreements, surveillance mechanisms, and new approaches to mitigate market manipulation risks.WisdomTree’s objective is to introduce a spot Bitcoin ETF, allowing investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency. The delay in the SEC’s application review highlights the cautious stance the regulatory body takes towards cryptocurrency-related financial products, reflecting its ongoing efforts to regulate and oversee the nascent industry.The outcome of these deliberations will have a significant impact on the broader cryptocurrency ecosystem and the availability of regulated investment vehicles for Bitcoin and other digital assets. However, Bitcoin has remained in a persistent downtrend, unable to sustain its position above the $27,000 mark, despite briefly reaching a high of $27,500 on Wednesday. Presently, Bitcoin has retraced once again to the consolidation level just above $26,100, experiencing a decline of over 4% in the past 24 hours. Additionally, over the past 30 days, BTC has consistently traded downwards, accumulating losses of more than 10%.The US Securities and Exchange Commission (SEC) has announced a delay in the review process for WisdomTree’s spot Bitcoin (BTC) exchange-traded fund (ETF) application. This delay is part of a series of postponements affecting multiple ETF applications, including those submitted by Invesco and Galaxy Digital, and even Valkyrie Funds’ application, which was originally due on Monday.WisdomTree had previously filed for a spot Bitcoin ETF application with NYSE Arca in 2022, but without success. However, the firm refiled the ETF application in July 2023. Jeremy Schwartz, WisdomTree’s global chief investment officer, expressed optimism about the current filing in an interview on CNBC’s “ETF Edge.” He noted that the firm has successfully launched products in Europe, where regulators have been more receptive and have gained confidence in the market infrastructure and custodial arrangements.The SEC had previously rejected WisdomTree’s applications in 2021 and 2022, citing concerns about investor protection and the public interest. Schwartz hopes that the changes made in the updated filing will address the SEC’s concerns, including implementing data sharing agreements, surveillance mechanisms, and new approaches to mitigate market manipulation risks.WisdomTree’s objective is to introduce a spot Bitcoin ETF, allowing investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency. The delay in the SEC’s application review highlights the cautious stance the regulatory body takes towards cryptocurrency-related financial products, reflecting its ongoing efforts to regulate and oversee the nascent industry. The outcome of these deliberations will have a significant impact on the broader cryptocurrency ecosystem and the availability of regulated investment vehicles for Bitcoin and other digital assets.However, Bitcoin has remained in a persistent downtrend, unable to sustain its position above the $27,000 mark, despite briefly reaching a high of $27,500 on Wednesday. Presently, Bitcoin has retraced once again to the consolidation level just above $26,100, experiencing a decline of over 4% in the past 24 hours. Additionally, over the past 30 days, BTC has consistently traded downwards, accumulating losses of more than 10%.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | CNBC, Jeremy Schwartz, SEC, Valkyrie Funds, James Seyffart |
| Companies | Galaxy Digital, SEC, Valkyrie Funds, NYSE Arca, Invesco |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
