The Security and Exchange Commission (SEC) has rejected another Bitcoin ETF from One River Asset Management
Securities and Exchange Commission (SEC) Rejects Spot-Bitcoin ETF
The Securities and Exchange Commission (SEC) has rejected One River Asset Managementās One River Carbon Neutral Bitcoin Trust ā a spot bitcoin exchange-traded fund.
When it comes to adopting bitcoin and cryptocurrencies as mainstream financial assets, US financial regulators are still dragging their feet.
One River proposed an ETF a year ago, and the SEC announced in March that it would not make a decision until May.
In comparison to other products, One River’s planned ETF was unique in that the investment firm promised to buy and sell carbon credits to account for the emissions related to bitcoins in the fund.
Grayscale Investment Planned Bitcoin ETF
Grayscale Investment LLC’s planned bitcoin ETF, which the company is anticipated to register before the July 6 deadline, is being closely watched by bitcoin investors. The Grayscale Bitcoin Trust has $18.4 billion in cryptocurrency assets under management.
According to Bloomberg, Grayscale CEO Michael Sonnenshein indicated his company would consider legal action if the SEC denied its application.
While the SEC has been hesitant to approve a spot-bitcoin ETF, future-based products have been approved. Bitcoin futures, on the other hand, monitor bitcoin prices exclusively and are traded on the CME. Cash is used to trade and pay the contracts.
Only two countries have permitted spot-bitcoin ETFs: Canada and Brazil.
