The cryptocurrency users in the United States might be in for good news regarding the top coin in the market. For a long time, the SEC of the United States has been disproving the applications that are filed for the Bitcoin ETF. An ETF that contains Bitcoin is considered to be a holy grail in the arena of cryptocurrency.
There are other countries like Canada that are leading the world in the matter of Bitcoin and Ethereum related ETFs. However, the financial regulators in the USA have said to keep delaying the process of getting such a product listed by rejecting the applications that have been filed. However, a new article published in Bloomberg recently declares that SEC might soon greenlight two new Bitcoin ETF applications before the end of this year.
US Bitcoin Maximalists are Excited about New Bitcoin ETF
The Bitcoin maximalists in the USA have been waiting eagerly to get a new Bitcoin-related ETF in the country. The news has already reflected positively on the price of the flagship cryptocurrency. The per-unit cost of Bitcoin has reached $59K in the last 24 hours. With the help of Bitcoin ETF, many big-scale financial investors would be able to gain exposure to the flagship cryptocurrency without having to acquire the coin directly.
According to Bloomberg financial experts, the SEC is considering approving the listing of Bitcoin ETF by ProShares and Invesco. These applications are grossly different from their counterparts because they are based on futures contracts.
The newly appointed chief of SEC under Biden administration, Gary Gensler, is thought to have paved the way for approval of the Bitcoin ETF applications in the United States. In a speech a few weeks ago, he claimed that only the registration documents that follow strict rules and guidelines of the SEC would be able to get approval.
The Winklevoss Twins that are also known for founding the Gemini crypto exchange, were the first ones to file for a Bitcoin-related ETF in 2013. Since then, SEC has proceeded to reject more than a dozen Bitcoin ETF applications. A new report published by MSCI reveals that the influence of cryptocurrencies in the main financial markets is increasing since around 52 corporations with a collective market cap of $1.7 trillion have proceeded to invest in crypto in 2021.