Cryptocurrency News

SEC launches formal review of Fidelity, Skybridge bitcoin ETF applications

A pair of bitcoins (B T c) ETF applications submitted by Fidelity Investments and Skybridge Capital are subject to official review by the United States Securities and Exchange Commission, or Second, Ruling the long-standing debate about whether regulators would eventually approve America’s first crypto-focused ETF.

The SEC’s formal review of the application of Fidelity Investments was Document In a May 25 filing that appeared on the regulator’s website. The formal review of the Skybridge application was as outlined In a May 21 filing.

Both ETF applications were submitted in March. As reported by Cointegraph at the time, Anthony Scaramucci’s Skybridge Capital partnered with investment advisor First Trust Advisors to develop a product. New York Stock Exchange Arca. Wants to list shares.

The Fidelity application describes an ETF product that tracks the daily price movements of bitcoins using a proprietary index Multiple Prices Received from Feed.

US securities regulators now have six ETF applications for review. The decision on the VanEck application is Be expected Next month.

The SEC has not yet approved a single bitcoin ETF, citing concerns over price manipulation and volatility. Supporters of bitcoin ETFs believe that this time will be different, given the increasing maturity of the asset class. It is believed that bitcoin ETFs will provide easy institutional access points to the digital asset market, which can be a boon to price and adoption.

North of the border, Canadian lawmakers approve several bitcoin ETFs. Purpose Bitcoin ETF, which trades under the ticker symbol BTCC, Accumulated $ 1 billion in assets under management less than two months after launch.