There Won’t Be A BTC ETF Just Yet, SEC Rejects NYDIG And Global X

There won’t be a BTC ETF just yet as the SEC rejected both Global X and NYDIG proposals as we can see more today in our latest bitcoin news today.

A bitcoin exchange-traded fund is something that the community has long been looking forward to. The US SEC however is not on the same page just yet. The US Securities and Exchange Commission rejected two proposals to list and to trade shares on spot BTC exchange-traded fund as per Reuters data. The first one was the NYDIG BTC ETF proposal and the second one was the Global x Bitcoin Trust so it seems there won’t be a BTC ETF just yet.

The move came right after the Commission previously delayed the ruling on the NYDIG BTC ETF proposal for two months. In any case, this is only a sign that the SEC has no plans of listing the physical BTC ETF despite approving other products that are much similar for future-backed ETFs.

As recently reported, The Grayscale investors want the SEC to allow for a transition of a GBTC to BTC spot ETF and the company already had its longest attempts to become a spot-based Bitcoin ETF which was denied multiple times by the SEC which is why the investors are speaking out against this and sent more than 200 letters to the commission in support of the fund transition.

The SEC recieved over 170 letters from Grayscale investors and this followed a public solicitation from the regulator last week and asked for their thoughts on the Grayscale recent application and the potential BTC spot ETFs that are present as a vehicle for fraud. The ETF is a basket of securities that track an underlying index and the public is free to buy the shares of such funds and to gain exposure to the given asset. Most of these products emerged across the world to track the value of BTC and ETH but none landed in the US. The SEC allowed some Bitcoin Futures ETFs to emerge that are backed by futures contracts rather than the actual crypto.

Also, The Valkyrie Capital BTC mining ETF focused on renewable energy has recently been approved by the US SEC and it is set to go live today under the ticker “WGMI” which is a crypto community acronym for “We Are Gonna Make It.”