It is worth noting that in the past several noteworthy financial institutions such as VanEck, Grayscale, and Ark 21Shares have attempted to get approval for Bitcoin spot ETF from the Securities and Exchange Commission. However, the regulatory agency has maintained a strict stance on the matter.
Thus far, SEC has only greenlit Bitcoin futures ETFs in the USA. As per a Forbes article, SEC has approved 7 Bitcoin ETF applications thus far. However, all of these ETFs track derivatives, futures contracts, other ETFs, or securities. However, data provided by VettaFi shares a list of 12 Bitcoin ETFs that are listed in the USA and approved by the SEC.
VettaFi maintains that these Bitcoin ETFs are not a spot in nature but backed by a vast range of reserves such as securities, futures, and tracking performance of companies such as Grayscale Bitcoin Trust.
SEC officials have continued to evade or delay Bitcoin spot ETF applications in the country under the pretext of protecting investors. The regulatory agency maintained that Bitcoin spot ETF is not suitable for retail sector trading in the cryptocurrency market.
At the same time, the agency has refrained from approving Bitcoin spot ETF applications citing concerns about market manipulation.
SEC has also cited the lack of regulatory oversight over cryptocurrency exchanges as another major reason for rejecting Bitcoin spot ETF applications. BlackRock execs have not revealed if their application is for spot or futures Bitcoin ETF.
However, SEC is already going after major cryptocurrency exchanges in the region such as Coinbase and Binance. BlackRock currently manages $9 trillion AUM and its foray into Bitcoin ETF territory can make a visible difference for the nascent industry.
Avantgarde Finance Partners with Agio Digital to Introduce Cryptocurrency On-Chain Digital Funds
Avantgarde Finance Group and Agio Digital are working in tandem to launch a TradiFi and DeFi hybrid venture. The new project is Agio Fund Services which gets asset management support from Avantgarde and secures on-chain funds on DeFi vaults at Enzyme.
It is worth noting that Enzyme is a non-custodial risk management and crypto compliance protocol for on-chain crypto operations.
Founder and CEO of Avantgarde Mona El Isa have told the media that the venture is the product of years of work to combine traditional and digital financial technologies. She explained that this project will introduce fully regulated on-chain crypto funds.
She also shared that commercial enterprises will be able to venture into crypto funds that are experienced in working with traditional hedge funds.
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