Yet another SEC postponement on the decision on applying for a bitcoin ETF has arrived .
As with the previous postponement , once again the SEC asks proponents to submit further comments in particular on the issue that a bitcoin ETF could be susceptible to manipulation, and how the proponents intend to prevent fraudulent and manipulative acts and practices.
Wisdom Tree’s request was originally filed with the SEC on March 26, and as early as April the agency asked for more details. Furthermore, on 26 May he had already asked for a little more time to decide for the first time.
To tell the truth, this now seems to be the practice, given that the SEC is behaving in this way for all requests to issue a bitcoin ETF on the US market.
In the past, this behavior has ultimately led to the denial of approval, or the withdrawal of requests, so it is possible that this new wave of requests could also end in the same way.
However, it must be said that in many other parts of the world ETFs on BTC are starting to be approved, therefore the more the SEC previews the more it favors other financial markets, primarily that of Toronto, Canada.
It should be borne in mind that the Toronto stock exchange, for example, is still one of the top ten in the world by market capitalization, although definitely far from that of New York (NYSE) and Nasdaq.
In fact, the overall market cap of the securities traded on the TSX (Toronto Stock Exchange) exceeds 3,000 billion dollars, or for example well over the 2,000 billion of the Frankfurt stock exchange. Instead, the Nasdaq capitalizes more than 19 trillion dollars, while the NYSE 26 trillion.
SEC requests to approve bitcoin ETFs
To date, 12 requests have been submitted to the SEC for the issue of a bitcoin ETF.
There are already 12 U.S. filings for a #Bitcoin ETF.
S&P 500 is tracked by 13 ETFs.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 14, 2021
The curious thing is that the ETFs that instead replicate the S&P 500 index are 13, which is only one more than the number of ETF proposals on bitcoin.
Therefore it is more than clear that the market interest in such a derivative product exists, but this does not mean that the SEC continues to have doubts about the real possibility that it can be used to manipulate the markets in order to steal capital in particular. to occasional retail investors.
So unless something changes , the SEC’s attitude about it can be expected to change. At least for now.