When it comes to the issuance of a Bitcoin ETF in the US, there is some extremely sceptical vibe going around it; SEC doesn’t seem to be ready to adopt Bitcoin as a commodity that can be traded in the stock market in the form of a closely speculated fund. Multiple cases have been made in the past to issue an ETF around Bitcoin, but SEC has terminated them all by saying that there is a lot to do and discuss before this eventuality can even be considered, there is a whole lot of regulatory elements that need to be considered and a proper framework which should be developed around Bitcoin first.
SEC Rejected many Bitcoin ETF Applications in the Past
Fidelity Investments has taken it to the SEC multiple times that it should approve a Bitcoin exchange-traded fund but no luck. This time around, a new representation has been given to this whole ETF thing by Fidelity Investments, and it has been taken up to the SEC once again. The most elegant element highlighted within the presentation was that Bitcoin is being adopted like crazy in the rest of the world, and other countries have indeed issued Bitcoin ETFs. These are well and thriving, so why can’t the SEC for once see this thing as what it is, an investment opportunity for people and investors alike.
Fidelity is not the only firm out there fighting for a Bitcoin-oriented ETF as there are other companies and exchanges who want the same and have been taking up their concerns with the SEC for some time now. A lot of emphasis was made in this new presentation by Fidelity Investments as to why SEC should give this proposed product a chance before it dismisses it again. The new CEO and chairman of the SEC, Gary Gensler, is taking a rather measured approach to this whole ETF and crypto regulation thing; he is not going to issue or propose a fund for Bitcoin or any other cryptocurrency for that matter until the whole thing has been dissected and analyzed in a forensic manner. So, this means that all of it might just need some more time in the long run to become a reality.