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After Jay Clayton, the former chairman of the US SEC, leaves office, will the Bitcoin ETF usher in a turnaround?
Original title: “Bitcoin ETF Timeline Full Record”
Written by: Sara Zhang
Arxnovum Investments submitted a Bitcoin ETF application to the Ontario Securities Commission of Canada on Monday. Yesterday, Winklevoss’s exchange Gemini announced that it would become a sub-custodial company of this ETF. This news once again pushed the Bitcoin ETF to the center of public opinion.
Exchange Traded Funds (Exchange Traded Funds) is a special type of index fund, which is an open-end fund listed and traded on an exchange with variable fund shares. ETFs cover diversified investment methods such as stocks, fixed income, currencies, commodities, and alternative investments, and can carry out diversified asset allocation. Therefore, ETFs are often referred to as a “basket” of different assets. This means that investors can invest in this asset class without holding any physical assets (such as gold). Therefore, it is not difficult to understand a cryptocurrency ETF. It refers to an investment tool that allows investors to invest in cryptocurrency without holding any cryptocurrency assets.
Since Winklevoss first submitted its Bitcoin ETF application to the US Securities and Exchange Commission (SEC) in 2013, the SEC has never approved any company’s Bitcoin ETF application. In these 8 years, no matter whether the applicant is the ETF giant Proshares, or the crypto asset management leader Grayscale, or whether the applied ETF portfolio includes U.S. Treasury bonds, or the cryptocurrency assets only accounted for 25% of the entire portfolio, none All exceptions were rejected by the SEC or recommended to withdraw the application.
BiTui has sorted out all the timeline records of Bitcoin ETF applications submitted to the SEC from 2013 to the present.
The SEC’s tough approach caused cryptocurrency and blockchain companies to abandon ETFs and turn to other ways to bypass the SEC to implement cryptocurrency investment strategies. The European crypto market ETN and ETP are therefore blooming. But at the end of last December, after the former chairman of the SEC Jay Clayton left office, everything seemed to turn around.
According to Reuters, Biden will appoint Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), as the chairman of the Securities and Exchange Commission (SEC). People familiar with the matter said that the nomination will be conducted “in the next few days.” In November 2013, The Wall Street Journal described Gensler as “a tenacious regulator who pushed for stricter rules to manage the trillion-dollar derivatives market.”
Gensler has taught courses on digital assets and blockchain at the Massachusetts Institute of Technology. He believes: “Shared blockchain applications may help launch multi-party network solutions, cryptocurrencies and districts in historically difficult areas. Blockchain technology has already promoted real change.”
VanEck resubmitted the Bitcoin ETF application a week after Clayton left office.
Nate Geraci, president of ETF Store, an investment consulting firm, said: “All signs from the US Securities and Exchange Commission indicate that Bitcoin ETFs still face daunting challenges. But VanEck is confident in applying for Bitcoin ETFs, which may indicate that the SEC’s internal views are changing. Of course. The most noteworthy key is who President Biden will appoint as the new SEC chairman.”
In a previous Bloomberg report, Everett Millmam, a financial expert at Gainesville Coins, stated that the ETF “can be considered bullish on Bitcoin because it does expand the scope of Bitcoin investors.”
But the analysts of JPMorgan Chase also pointed out in the report that although ETF is good for Bitcoin in the long-term, in the short term, it may have a negative impact on the price of Bitcoin, because it will change from Grayscale Bitcoin. Attract institutional funds from the trust (GBTC).
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