The U.S. SEC (Securities and Exchange Commission) has rejected the applications of Global X (a fund manager) and NYDIG (New York Digital Investment Group) after taking a measure many times during the previous year. As per a couple of the distinct filings submitted on Thursday, the proposed rule modifications, suggested by Arca of New York Stock Exchange and Cboe BZX Exchange, were rejected on behalf of the SEC.
They took account of the trading as well as the listing of the Global X Bitcoin Trust as well as the Bitcoin ETF (exchange-traded fund) trade shares of New York Digital Investment Group. According to the SEC, the respective products did not fulfill the rules of the Agency under the Exchange Act to prevent the manipulative as well as fraudulent operations for the protection of the public as well as the investors’ interest.
Global X and NYDIG submitted applications under the SEC for the spot ETFs of Bitcoin during June and August of the previous year. Nonetheless, the longer periods were designated by the commission to reject or approve the suggested rule modification and call on the public to remark many times in advance of issuing a ruling on Thursday. The rejections preceded analogous decisions regarding the applications for BTC-based spot ETFs from VanEck and WisdomTree.
Although no approval has yet been provided on behalf of the SEC for the financial organizations’ filings for Bitcoin-based spot ETFs, more success has been acquired by the investment institutions associated with BTC futures.
Several firms submitted applications to have Bitcoin-based strategy ETFs after the statement of Gary Gensler (which he gave in previous August) revealed that the preferable thing would be embracing the exchange-traded funds having their basis over crypto futures instead of via straight exposure.
After that, the commission has accepted ETFs connected to Bitcoin futures from VanEck, ProShares, and Valkyrie. The rest of the crypto platforms are even now operating in the respective field, meaning that a minimum of 1 firm is taking the initiative to offer a tough time to the crypto regulators.
After the postponement of its decision over the ruling thereof regarding the approval for Grayscale to convert the BTC Trust thereof into a Bitcoin-based spot ETFs, a campaign was launched by the asset manager to invite crypto investors from the United States to provide remarks over the SEC.
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