Valkyrie and Kryptoin ETF rejected
On Wednesday, the U.S. Securities and Exchange Commission (SEC) wrote in a letter that it rejected investment firm Kryptoin's application for a spot Bitcoin exchange-traded fund (ETF). It also rejected Valkyrie's application for a spot Bitcoin exchange-traded fund, saying that both products failed to meet the regulator's standards. The SEC used the same arguments to deny the investment as it did before. The Commission believes that exchanges that act as price determinants for assets do not meet the Commission's requirements.Regulators require centralized and decentralized exchanges to prevent fraudulent manipulation and even volatile price fluctuations. Commissioners believe exchange-traded products related to Bitcoin could be significantly impacted by manipulation in the spot market, contrary to investors' interests, the regulator said.
There won't be a spot Bitcoin ETF in 2021
Unfortunately, although 2021 is almost over, the market has yet to see the U.S.'s first physically-backed digital asset product. Although there is no Bitcoin spot ETF in the U.S., Canadian regulators approved ETFs that hold Bitcoin directly earlier this year. The U.S not having a Spot ETF by the end of the year was not unexpected either, as the chairman of SEC, Gary Gensler, has indicated that he prefers a Bitcoin futures ETF to one that holds Bitcoin itself.Last week, the U.S. Securities and Exchange Commission (SEC) delayed its review of Grayscale and Bitwise's proposals for their spot Bitcoin exchange-traded funds (ETFs) by 45 days, according to filings on both products. The SEC has typically delayed its decisions on spot Bitcoin ETFs for as long as possible. If it decides to do so, it may delay its decision on the Bitwise and Grayscale products for several more months beyond February.
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