With or without the SEC, Bitcoin will pass! As is her sad habit, the Securities and Exchange Commission (DRY) of the United States is playing time to approval of spot Bitcoin ETFs, long awaited by the cryptosphere. All the asset management giants like BlackRock, Fidelity And Grayscale push with all their might to overcome obstacles put in their way by Gary Gensler (president of the SEC). And if that wasn’t enough, some like the mega-investment fund Franklin Templeton have a “solution” for do without the opinion from the SEC!
Final tweaks and updates to launch spot BTC ETFs
Preparations are becoming clearer day by day for exchange-traded funds (ETFs) of Bitcoin in cash. These are thus no less than 4 competitors in the ETF race spot of BTC which have just crossed a decisive step in approval of their respective request.
Investment funds Grayscale, ARK Invest, Valkyrie And VanEck thus, all 4 of them, filed a new form (the “ Form 8-A “) near Securities and Exchange Commission.
Indeed, as The Block explains, this latest registration allows ETF issuers “ to trade on the stock market, once the product has been approved. Another seeker of Bitcoin spot funds, the giant Fidelityhad also filed this Form 8-A shortly before.
Franklin Templeton to launch Bitcoin product without SEC notice
Another financial titan, the manager of $1.4 trillion in assets, Franklin Templetondoes not count not wait after the good will (or rather, the bad will) of the SEC of Gary Gensler to finally approve an ETF spot of the king of cryptos.
Indeed, the mega-fund supports the Receipts Depositary Corporation (DRC) which wants to facilitate the purchase and holding of crypto-assets from “ qualified institutional buyers “, Or QIB (For Qualified Institutional Buyers).
Thus, this January 4, 2023, RDC announced a solution which will not no need of SEC authorization: a bitcoin certificate of depositOr ” BTC DR » (Bitcoin depositary receipt). This investment product does not require registration with the Securities Commission, as it is therefore aimed at QIB investors. BTC DR allows you to get around with happiness the incredibly problematic “U.S. Securities Act of 1933 » which allows Gary Gensler to try to justify his regular harassment against the cryptosphere, and to block a BTC spot ETF for years.
When all financial worldand even bankingprepares for the arrival of spot Bitcoin ETFs, we say that Gary Gensler and the SEC will not be able to keep obstacles in the way forever of the latter. And if that were to be the case, other solutions will be found so that the extremely wealthy institutional investors can place their masses of money in the leader of crypto-assets.