US SEC Rejects One River’s Spot BTC ETF Application
The U.S. SEC (Securities and Exchange Commission) has long been maintaining its negative stance on BTC (Bitcoin) spot ETF (exchange-traded fund) applications by rejecting them. On Friday, for another time, it censured a rule modification to permit a crypto-centered hedge fund named River Digital for offering the One River Carbon Neutral Bitcoin Trust through the New York Stock Exchange Arca.
The respective decision was taken somewhat before the plan, as 2nd June was the date after the agency had provided an extension following the original deadline to give additional time for contemplation. It was noted by the commission that, while thinking about the suggested rule change by One River, it implemented the very standard that was utilized in the orders thereof concerning the former proposals for the listing of commodity trusts based on Bitcoin.
Particularly, the requested rule change was not effective in meeting the rules of the SEC regarding scam prevention. As the SEC elaborated, the rejection of the recommended rule change is not related to the assessment of if blockchain technology – including Bitcoin – has value or utility in terms of an investment or an innovation. One River Asset Management’s founder, Eric Peters, was the person who laid the foundation of One River Digital a couple of years back in 2020.
As per the reports, the respective venue is supported on the behalf of Alan Howard (a billionaire as well as the Brevan Howard Asset Management’s co-founder). In the present year, Skybridge Capital, Global X, NYDIG (New York Digital Investment Group), as well as Fidelity Investments are counted among the financial companies that have endeavored to a great extent to convince the SEC to provide an approval for the ETFs based on digital assets.
A prominent name in the respective organizations is Grayscale as it was aggressive in obtaining authorization from the Securities Commission of the United States to initiate offering a spot ETF of Bitcoin. This did not end there and the manager of digital assets move beyond simple filings and tried even to threaten by asserting that it will submit a legal case to confront the SEC in the case of facing a denial for another time from the securities regulator.
The digital asset management firm has recently initiated a campaign centered around gathering support from the public concerning its application.
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