The US Securities and Exchange Commission (SEC) will not be able to stick to its position in relation to bitcoin-ETF for a long time. This was stated by Bernstein analysts, according to CoinDesk.
Experts noted that the regulator has already approved exchange-traded funds based on bitcoin futures, including those with leverage from Volatility Shares.
According to the report, the lack of spot ETFs based on the first cryptocurrency leads to the growth of over-the-counter products (for example, GBTC), which “are expensive, illiquid and inefficient”.
“The SEC would rather introduce a regulated bitcoin ETF led by major Wall Street participants and overseen by existing regulated exchanges than deal with Grayscale’s over-the-counter product,” the analysts said.
Recall that Invesco, VanEck, 21Shares, WisdomTree, and Fidelity have sent revised proposals to the SEC to launch a spot bitcoin ETF. This comes after the Commission called previous applications “vague and non-exhaustive”.
Earlier, Circle CEO Jeremy Allaire predicted that the recent wave of proposals to launch digital gold-based spot exchange-traded funds would lead to regulatory approval.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!