The US Securities and Exchange Commission (SEC) has begun examining a request from WisdonTree to establish a trading fund on the Bitcoin exchange. The number of applications for the creation of these funds has reached eight so far.
to the the report The US Securities and Exchange Commission, CoinDesk, issued a statement Friday announcing that it will begin evaluating a Bitcoin-traded fund listed on the Chicago Mercantile Exchange BZX.
Last month, Wisdom Matri first applied for Bitcoin on the Stock Exchange (ETF), but had previously sought to launch a legal financial product to access Bitcoin.
The Bitcoin Exchange Midwifery Fund allows micro-investors and institutions to invest in a legal financial product related to the world’s oldest digital currency without the need for direct investment in the digital currency market.
This is a potentially secure way to access the fledgling digital currency industry, which is sometimes volatile and bubbly.
This is the second active request for a Bitcoin exchange traded by the SEC. The first application, filed by VanEck, has been under review for several weeks and the initial review period closes on Friday. As of this writing, only five comments have been submitted.
The initial decision of the US Securities and Exchange Commission to approve, reject or continue evaluating Vanak’s application is expected to be announced next month.
Also on Friday, Kryptoin Investment Advisors filed a registration form for a Bitcoin exchange-traded fund, bringing the total number of active applications to eight.
Cryptoin Investment Advisors is an asset management company started by Jason Toussaint of SPDR Gold Shares.
Other Bitcoin ETFs include Wise Origin Bitcoin Trust, owned by Fidelity, New York Digital Investment Group (NYDIG), Valkyrie, SkyBridge Capital Investment To Anthony Scaramucci, and Simplify.
The SEC has so far blocked all attempts to launch the Bitcoin ETF by rejecting more than 10 requests in recent years. However, many expect the first Bitcoin exchange traded fund to be approved in the United States in 2021.
Several Bitcoin ETFs have already been launched in Canada and one in Brazil, and several other digital currency funds are trading in other countries.