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Following the second delaying its decision on whether to approve gray scale converting its bitcoin trust into a spot btc etf, the asset manager has launched a campaign inviting american investors to submit their comments to the sec.
According to two separate Thursday filings, the SEC rejected proposed rule changes from the Cboe BZX Exchange and New York Stock Exchange’s Arca to list and trade shares of the Global X Bitcoin Trust and New York Digital Investment Group’s Bitcoin exchange-traded fund, or ETF, respectively. The u.s. securities and exchange commission, or SEC, has disapproved spot bitcoin exchange traded funds applications from the new york digital investment group and fund manager global x after deferring on a decision repeatedly over the past year.
The New York Digital Investment Group, or NYDIG, and Global X filed applications with the SEC for spot Bitcoin (BTC) ETFs in June and August 2021, respectively, but the commission designated longer periods of time to approve or disapprove the proposed rule change and opened the applications for public comment several times before reaching a decision on Thursday. The board provided longer periods to approve or disapprove of the proposed rule change and opened public comment requests several times before making a decision on Thursday.
The SEC denied NYDIG’s Bitcoin Spot ETF proposal this morning.
— Pomp (@APompliano) March 11, 2022
Rejects followed similar decisions for WisdomTree and VanEck cash ETF requests. Many companies filed applications for BTC “strategy” ETFs following SEC chair Gary Gensler saying in August 2021 he would be more open to accepting exchange-traded funds based on crypto futures rather than through direct exposure. The SEC has rejected the NYDIG Bitcoin Spot ETF proposal this morning.—
Related: SEC chair hints at no spot Bitcoin ETFs yet, but cites 'careful consideration' for future
Many companies filed applications for BTC “strategy” ETFs following SEC chair Gary Gensler saying in August 2021 he would be more open to accepting exchange-traded funds based on crypto futures rather than through direct exposure. Following the SEC delaying its ruling on whether to approve Grayscale converting its Bitcoin Trust into a spot BTC ETF, the asset manager launched a campaign calling on U.S. investors to submit comments to the SEC. Related: SEC Presidency Tips to no Bitcoin ETFs location yet.
