US regulators claim to have more time to give more precise decisions on the applications of Bitcoin spot exchange-traded fund applications.
US Securities and Exchange Commission (SEC) is a regulatory body in the United States, which is responsible for regulating the spot cash market (Stock & Crypto). At present, the SEC agency is not in the mood to approve any of the spot ETF applications based on Bitcoin.
In the past, the SEC agency rejected every application related to bitcoin spot ETFs and in every rejection of the applications filed with the SEC was holding the main reason of manipulation. In the past, almost every application was rejected for almost the same reason.
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments received,” the SEC said in each of the filings.
On the application of One River, SEC will give its decision on 3 April. And the decision on WisdomTree Investments will come on 15 May.
In the last month, the SEC rejected applications of NYDIG and Global X.
Bitcoin futures ETFs vs Bitcoin spot ETFs
According to the majority of the experts, Bitcoin futures ETFs are riskier than Bitcoin spot ETFs but still, there are many futures ETFs based on Bitcoin that are live but there is no room for Bitcoin spot ETFs.
Last year, Digital assets fund manager firm Grayscale wrote an open letter to the SEC agency for its negative decisions on Bitcoin Spot ETFs applications. Grayscale’s letter noted that both of these two types of products are the same but the SEC agency is still considering the same thing, which is also a violation of laws.
In reality, Grayscale was thinking that it woll not succeed in turning its Bitcoin fund (GBTC) into Bitcoin spot ETFs, that why it wrote letter to SEC. Here situations are showing that Grayscale will fail to see its own Bitcoin Spot ETFs and it was expected from Grayscale.
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