Rejects valkyrie kryptoin bitcoin trusts
The US Bitcoin ETF race is won
The Commission emphasizes that its disapproval of this proposed rule change does not rest on an evaluation of the relative investment quality of a product holding spot bitcoin versus a product holding CME bitcoin futures, or an assessment of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment. Rather, the Commission is disapproving this proposed rule change because, as discussed below, BZX has not met its burden to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5). Rejects valkyrie bitcoin trusts Market participants were convinced that the SEC's approval in October of bitcoin futures ETFs was a sign of thawing in its attitude. But on December 17, it delayed decisions on applications for spot bitcoin ETF applications from Grayscale and Bitwise.
Sec valkyrie kryptoin bitcoin trusts
Still, when the SEC finally approved the first futures-based bitcoin ETFs in early October 2021, including ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF, it likely did so relying on the CFTC’s satisfaction that the methodologies used by the CME were satisfactory to minimize the ability to readily manipulate the futures markets. It is also worth noting that Gary Gensler was formerly Chairman of the CFTC. Bitcoin Price Soars 11%, Here Are The Reasons Notably, former SEC chair Dalia Blass had cited lack of liquidity as the reason behind rejection of previous exchange-traded applications.
3. The bitcoin futures market grows to become "of significant size."
Furthermore, because the CME and NYSE are members of the Intermarket Surveillance Group (ISG), the SEC considers such common membership in the ISG as fulfilling the requirement that the listing Exchange for a bitcoin ETF have a surveillance-sharing agreement with a regulated market (Order Disapproving First Trust Skybridge Bitcoin ETF, p. 23). Thus, the CME bitcoin futures market satisfies two of the SEC’s requirements – (1) it is a “regulated” market and (2) it has a “surveillance-sharing agreement” with American stock exchanges. VT Markets deploys Acuity’s Signal Centre for AI-powered trading decisions Exchange-Traded Funds (ETFs) are instruments that allow investors to gain exposure to a particular commodity without purchasing it directly. Instead, it involves the procurement of shares that fluctuate with the commodity price they are tied to. Such a product backed by Bitcoin will allow more institutions interested in engaging the market without creating wallets and securing the keys.