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After the SEC rejected two Bitcoin ETF proposals…2021 ended without any validation of the instant Bitcoin ETF

After the SEC rejected two Bitcoin ETF proposals…2021 ended without any validation of the instant Bitcoin ETF

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Answer After the SEC rejected two Bitcoin ETF proposals…2021 ended without any validation of the instant Bitcoin ETF

Looking at the whole year 2021, we find that it was a great year for Bitcoin and the cryptocurrency market as a whole.

2021 saw the birth of two Bitcoin futures ETFs in the USA, but with only one week left to the end of the year, US investors may not see the spot Bitcoin ETF.

SEC repeatedly rejects spot Bitcoin ETF:

According for the official documentThe SEC rejected the proposed spot bitcoin ETF from Valkyrie and Kryptoin.

The regulator cited earlier concerns about market manipulation as an argument the SEC has been repeating when it rejects new spot bitcoin ETFs.

Read:The battle between Bitcoin bulls and bears intensifies…Who will win?

The SEC stated that the last two proposals did not meet its standards designed to ward off fraud and manipulation as well as protect market players and the public interest.

The two entities that have proposed amendments to the rules for listing and trading the two ETFs are NYSE Arca and Cboe BZX Exchange.

But the Commission noted that both did not fulfill its burden under the Exchange Act and the Commission’s Code of Practice to demonstrate that its proposal complies with the requirements of the Exchange Act Section (6) (b) (5).

The rejection decision comes more than a month after the Securities and Exchange Commission (SEC) rejected VanEck’s application for a spot bitcoin ETF.

The launch of the first Bitcoin instant ETF is still being forgotten for many investment fund providers across the country.

However, the latest move is not surprising, as SEC Chairman Gary Gensler has been very clear about his preference for a bitcoin futures ETF over a spot ETF.

BITO Fund Fails to Attract Investors:

After years of failed attempts, the US Securities and Exchange Commission (SEC) has finally approved a Bitcoin futures ETF called BITO (ProShares Bitcoin Strategy ETF).

Read:Kuwait Finance House launches a new service based on Ripple technology

According to analyst James Seifart, the BITO was down 2.34% two months ago from the data.

Going forward, Seifart believes the fund will continue to underperform the spot by 13-14% in its first year.

The gap between the asset and the fund is large.

As a result, many financial advisors will choose it.

While some long-term investors argue that offerings with a smaller allocation to Bitcoin futures could in fact turn out to be more dominant in the coming year.

Read also:

Find out about the upcoming update that will shut down Ethereum (PoW) mining

Retail Traders Dominate the Bitcoin Futures Trading Market… What Does That Mean?


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