empty
07.04.2022 01:53 PM
Bitcoin: SEC's argument against spot ETF 'significantly weakened'

Last year, the U.S. SEC approved a Bitcoin futures ETF for the first time. Then this event became a catalyst for the growth of the main cryptocurrency to an all-time high of almost $70,000.

After that, they began to talk that the next step would be the SEC's approval of the Bitcoin spot ETF. Time goes by, how are things in this direction?

SEC's Stance Against Spot ETF Weakens

The Grayscale Fund does not give up trying to be one of the first to register an ETF for spot Bitcoin. But so far they have not been able to get approval. Nevertheless, CEO Michael Sonnenshein said that the SEC's argument against an exchange-traded fund that will directly track Bitcoins has "significantly weakened."

Sonnenshein cited the recent regulatory approval of a Bitcoin futures ETF as a key factor behind his reasoning.

The U.S. Securities and Exchange Commission on Wednesday allowed NYSE fund managers Arca and Teucrium to launch a bitcoin futures ETF. This is the fourth approved fund after Grayscale, VanEck, and Valkyrie.

However, the regulator has repeatedly rejected proposals for a spot Bitcoin ETF, citing concerns about investor protection and uncertainty about the classification of cryptocurrencies.

Grayscale is ready to sue the SEC

In a series of tweets, Sonnenshein noted the controversy in the recent SEC approval of the Teucrium ETF. In his opinion, it weakens the argument against the spot ETF.

The regulator has repeatedly invoked investor protection mandates from the 1940 law to reject applications for a spot ETF. But it is known that Teucrium ETF is registered under another bill from 1933.

This indicates that the SEC's reference to the 1940 act may be less valid. Sonnenshein noted that Grayscale will now follow this line of reasoning in its bid for a Bitcoin Spot ETF.

Earlier, Grayscale CEO argued that if the SEC approves a bitcoin futures ETF, then the Commission should also approve a bitcoin spot ETF. And they can no longer reasonably invoke the 1940 Act as a limiting factor.

Grayscale has also threatened to sue the SEC if its next offer to register a Bitcoin spot ETF is rejected. The fund has repeatedly lobbied for approval of its spot ETF, even providing public comments on its application, which is currently under review.

Can we expect spot ETFs in the U.S. in 2022?

Canada and Europe have already allowed trading in products that directly track digital assets. These derivatives have proven to be vital in attracting institutional capital into cryptocurrencies.

The SEC has yet to soften its rhetoric on cryptocurrencies and a direct public ETF. But with the growing adoption of this asset class and friendly federal regulation, the regulator may eventually change its tone.

President Joe Biden's executive order last month was hailed as a major step forward in regulating the crypto industry in the U.S. Additionally, U.S. federal agencies will now cooperate in enacting "constructive" regulation of cryptocurrencies.

Thus, there are hopes for the approval of spot ETFs, but it is still difficult to predict the timing. However, the expectation factor alone, as we saw it in 2021, can push the cryptocurrency market higher. Nevertheless, now the information field for this is still weak.

But the very fact of creating ETFs on spot Bitcoin will open the way for institutional capital to the market, creating demand for the main cryptocurrency and pushing its price up.

This image is no longer relevant

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Análisis del par BTC/USD. El 4 de junio. El Bitcoin podría finalizar su crecimiento

El conteo de ondas en el gráfico de 4 horas para el instrumento BTC/USD se ha complicado. Observamos una estructura correctiva bajista que finalizó su formación alrededor del nivel

Chin Zhao 07:42 2025-06-04 UTC+2

Recomendaciones para operar con el Bitcoin el 4 de junio según el sistema ICT

El Bitcoin finalmente comenzó una corrección bajista después de la retirada de liquidez desde su último ATH. La retirada de liquidez desde el último ATH puede significar no solo

Paolo Greco 07:42 2025-06-04 UTC+2

Recomendaciones para operar con el Bitcoin el 3 de junio según el sistema ICT.

El Bitcoin finalmente comenzó una corrección bajista después de retirar liquidez de su último ATH. La retirada de liquidez del último ATH puede significar no solo un retroceso, sino

Paolo Greco 07:22 2025-06-03 UTC+2

Las perspectivas técnicas de crecimiento de el Bitcoin son bastante buenas

El Bitcoin tocó fondo en la zona de los $104 000 y en los primeros días de junio se negocia a un precio cercano a los $104 500. Es evidente

Jakub Novak 13:27 2025-06-02 UTC+2

Recomendaciones para operar con el Bitcoin el 30 de mayo según el sistema ICT

El Bitcoin con mucho esfuerzo ha comenzado a corregirse, tras la retirada de liquidez de su último ATH. Durante casi una semana la criptomoneda se mantuvo en el mismo lugar

Paolo Greco 07:40 2025-05-30 UTC+2

Recomendaciones para operar en el mercado de criptomonedas para el 29 de mayo

El Bitcoin comienza una corrección, mientras que el Ether continúa mostrando señales de fortaleza. La caída de ayer del Bitcoin hacia el área de los $107 000 con un buen

Miroslaw Bawulski 11:00 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 29 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento inusualmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días la situación técnica prácticamente no ha cambiado y la volatilidad

Paolo Greco 08:17 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 28 de mayo según el sistema ICT

El Bitcoin mantiene un crecimiento anómalo, excepcionalmente no técnico, sin una sola corrección o retroceso. En los últimos días, el panorama técnico apenas ha cambiado y la volatilidad es bastante

Paolo Greco 08:06 2025-05-28 UTC+2

Análisis del par BTC/USD. El 27 de mayo. El pump del Bitcoin continuará

El conteo de ondas en el gráfico de 4 horas para el instrumento BTC/USD se ha complicado. Hemos observado una estructura correctiva descendente que concluyó alrededor del nivel

Chin Zhao 07:28 2025-05-27 UTC+2

Recomendaciones para operar con el Bitcoin el 27 de mayo según el sistema ICT

El Bitcoin continúa un crecimiento excepcionalmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días, el panorama técnico apenas ha cambiado, y la volatilidad es relativamente

Paolo Greco 07:28 2025-05-27 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.