America Securities and Trade Fee (SEC) has as soon as once more delayed its ruling on whether or not to approve Grayscale’s utility for a Bitcoin (BTC) exchange-traded fund (ETF), citing acquainted considerations round manipulation, liquidity and transparency.
In a discover revealed Friday afternoon, the SEC expressed considerations about how the digital asset supervisor intends to transform its Grayscale Bitcoin Belief (GBTC) right into a spot ETF. Specifically, the regulator wasn’t satisfied that Grayscale’s proposal was designed to stop alleged fraud and manipulation within the Bitcoin market. The SEC has invited the general public to touch upon these points, giving events 21 days to reply in writing.
The SEC has simply delayed their choice on whether or not GBTC can convert to a bitcoin ETF.
— Pomp (@APompliano) February 4, 2022
As Cointelegraph reported, Grayscale’s preliminary utility to transform shares of GBTC right into a spot Bitcoin ETF was submitted to the SEC in October. Lower than two months later, the securities regulator introduced that it was suspending its choice on Grayscale’s utility and the same proposal put ahead by Bitwise.
Grayscale is the world’s largest digital asset supervisor with $36.5 billion in belongings underneath administration as of Feb. 4. Its GBTC product accounts for over 71% of its complete belongings.
02/04/22 UPDATE: Web Belongings Underneath Administration, Holdings per Share, and Market Value per Share for our Funding Merchandise.
Complete AUM: $36.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/1IqNGLX3QP
— Grayscale (@Grayscale) February 4, 2022
Canadian Bitcoin ETF sees its third-biggest each day influx ever
Whereas the SEC has been hesitant to approve a spot Bitcoin ETF, the regulator has been way more receptive to a futures-linked product. In October, the ProShares Bitcoin Technique ETF grew to become the primary Bitcoin futures fund to be accredited in the USA. Shortly thereafter, the SEC accredited a pair of Bitcoin-linked Technique ETFs from Valkyrie and VanEck.
