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The SEC Turns down Anthony Scaramucci’s BTC ETF

News
The SEC Turns down Anthony Scaramucci’s BTC ETF

The US SEC has turned down another BTC ETF per a Reuters report. Antony Scaramucci’s BTC ETF is the latest such asset to face rejection by the commission. The commission also has 12 more ETF projects to approve or reject.

The SEC Rejects Anthony Scaramucci’s BTC ETF

Anthony Scaramucci is the former White House communications director. His hedge fund is the latest organization to face the rejection of their exchange-traded fund. First Trust Advisors and SkyBridge, the hedge fund founded by Scaramucci, was responsible for filing the proposal. Their ETF would have been named ‘First Trust SkyBridge Bitcoin ETF’ and would also track the spot price of BTC. Now it is among the list of the denied ETFs by the SEC. The commission denies these assets due to the easy exposure of their target market to cryptocurrencies. Per reports, the company filed its paperwork in a way that fell short of the expectations of the SEC. The Commission further commented on this application, explaining that it failed to satisfy the requirements of an asset to be listed in the national exchange. The exchange’s design strictly controls manipulative acts and fraud to keep investors safe from bad players.

Organizations Continue Filing ETFs with the SEC

The SEC greenlit the first ETFs to start trading in the US last year. Since then, many organizations have rushed in to file their applications for similar assets. However, the commission was in no hurry to allow their trading. It rejected some like Van Eck BTC ETF and even went a step further to delay the approval of others. Even though some lawmakers in the US are against cryptocurrency, SEC Chair Gary Gensler seems open-minded on these assets. Last year he revealed that the government does not have any ready plans to ban BTC and its counterparts. Even though this is not evidence that his commission supports cryptocurrency, it’s a sign that they are open to making the assets safer. His commission has already allowed several BTC ETFs to trade in the US. Some are also yet to be allowed to trade. Currently, 12 more BTC ETFs are already filed with the SEC and waiting for the regulators to give their feedback regarding their listing. Grayscale Bitcoin Trust (GBTC), a multibillion-dollar project, is also waiting for approval by the SEC. GBTC plans to convert to an ETF after getting a permit from the SEC. The Commission should approve or reject all of these assets within 180 days of their filing. However, it also has 60 more days to delay its approval at its discretion.

SEC’s Stand Regarding BTC ETFs

Holding cryptocurrency comes with many risks that most governments of the world are trying to eradicate. Some countries are handling these assets through bans like China. However, the US has taken a very different stand. The country is drafting a crypto regulatory framework, but it already allows the trading of crypto ETFs. However, it is choosy on the ETFs listed by the SEC to minimize the risks involved in trading assets too close to original cryptocurrencies. The SEC has already allowed the trading of some BTC ETFs, showing that they have faith in these assets. Currently, over 20 BTC ETFs have been approved by the Commission. However, it is good to follow the developments of these regulators since their decisions may affect the crypto space significantly.