Tag: SEC

SEC Considers Fidelity Investments’ Proposed Ethereum ETF

Bloomberg ETF analyst James Seyffart estimates that the SEC’s decision deadline for Fidelity will likely be January 21, 2024, with the final decision expected on March 8, 2024. The United States Securities and Exchange Commission (SEC) has recently opened the floor for public comments on Fidelity Investments’ proposed spot Ethereum (ETH) Exchange-Traded Fund (ETF). This development, if approved, could mark a breakthrough for US investors seeking exposure to the booming world of crypto. The SEC’s Call for Public Input In a notice dated November 30, the SEC invited “interested persons”…

SEC meets with Grayscale, BlackRock about potential bitcoin ETFs

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Bitcoin. Filip Radwanski | Sopa Images | Lightrocket | Getty Images The Securities and Exchange Commission is formally engaging with asset managers ahead of a much anticipated decision on whether the regulator will approve a bitcoin ETF, according to memos published this week. The regulator said in a memo that it met with Grayscale on Thursday about the potential conversion of the Grayscale Bitcoin Trust into an ETF. The SEC had previously blocked this move, but Grayscale challenged that decision in court and won. SEC officials also met with representatives…

SEC solicits comments on Fidelity’s spot Ether ETF application

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The United States Securities and Exchange Commission (SEC) called on the public to comment on a proposed rule change that could allow asset management firm Fidelity to offer shares of its spot Ether exchange-traded fund, or ETF. In a Nov. 30 notice, the SEC said “interested persons” may comment on the Fidelity offering, proposing the Cboe BZX Exchange list and trade shares of its Fidelity Ethereum Fund. Fidelity first filed for approval of the fund on Nov. 17, becoming one of many firms looking to throw their hats into the…

Coinbase Faces SEC Charges amid Calls for Crypto Regulation Clarity

Coinbase CEO Brian Armstrong voiced frustration over the charges. He mentioned how his company has provided a lot of clarity to the SEC but the commission on the other hand is not making matters easier. Despite over 30 meetings with the SEC in the past 18 months aimed at gaining regulatory clarity, cryptocurrency exchange Coinbase was hit with charges in June for operating an unregistered securities exchange. This came after the company received a Wells Notice for potentially breaking securities law from the regulator in March, signaling an intention to…

SEC Chair Gary Gensler comments on prospects for spot Bitcoin ETF

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he is not ready to discuss approval of applications for spot Bitcoin (BTC) ETFs. Gensler, speaking on the sidelines of the Healthy Markets Association conference on Nov. 29, said he would not “pre-judge” the matter of Bitcoin spot ETFs. He did however note his concerns about the crypto industry as a whole: “This is a field that is rife with bad actors and rife with fraud and manipulation and money laundering.” Gary Gensler, SEC Chairman Gensler considers the process of…

BlackRock modifies proposed spot Bitcoin ETF to meet SEC requirements

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BlackRock, the world’s largest asset manager, has recently updated its application for a spot Bitcoin Exchange-Traded Fund (ETF) in a bid to address the U.S. Securities and Exchange Commission’s (SEC) concerns. The revisions, detailed in the meeting minutes from a Nov. 28, 2023, discussion with the SEC’s Division of Trading and Markets, focus on mitigating issues related to market manipulation and broker-dealer registrations. BlackRock’s updated redemption model In its revised proposal, BlackRock introduces a “prepaid model” within the existing in-kind redemption framework. This model requires the offshore market maker to…

Swiss Asset Manager Pando Asset Files for Bitcoin Spot ETF with SEC

Pando has named the Bank of New York Mellon as the official administrator of the ETF.  Swiss asset management company Pando Asset has joined the race for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. On November 29, the company filed with the country’s Securities and Exchange Commission (SEC), becoming the 13th financial services firm to submit an application with the agency for a BTC trust without directly investing in the crypto asset. Pando Names Coinbase as Custodian for Its Spot Bitcoin ETF Like many spot Bitcoin…

Pando Asset officially files for spot Bitcoin ETF with the SEC

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Swiss asset manager Pando Asset seeks SEC approval for a spot Bitcoin ETF, a step towards integrating crypto into mainstream finance. Swiss asset manager Pando Asset has filed for approval of a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The proposed Pando Asset Spot Bitcoin Trust, if approved, would be listed on the Cboe BZX Exchange, leveraging Coinbase as its custodian. The trust plans to use the CME’s CF Bitcoin Reference Rate for Bitcoin (BTC) pricing. Pando’s move aligns with its current offerings in Europe, where…

SEC Delays Fail To Stop BTC As Price Clears $38,000

The Securities and Exchange Commission’s (SEC) latest decision wasn’t enough to hold back the foremost cryptocurrency, Bitcoin. The cryptocurrency crossed $38,000 even on the back of the SEC’s move to delay two Spot Bitcoin ETFs.  SEC Delays Templeton And Hashdex Bitcoin Spot ETF On November 28, the SEC delayed its decision on Templeton and Hashdex’s Spot Bitcoin ETF application. As part of the announcement, the Commission also invited comments on what has been its major concern up till now: the issue of fraud and manipulation and whether or not the…

SEC Stalls Decision on Franklin and Hashdex Bitcoin ETFs as Analysts Predict Wave of Approvals in January 2024

The update from the SEC appears to suggest that it plans to approve all Bitcoin exchange-traded funds (ETFs) at once. In a move that many may not have envisaged, the Securities and Exchange Commission (SEC) has provided an update on two Bitcoin ETF applications nearly a month before the scheduled deadline. In a Tuesday filing, the Commission, via separate orders, initiated proceedings to allow for additional analysis into the proposals of Franklin Templeton and Hashdex. This is to determine that they are fully compliant with the Securities Exchange Act and…