Over the past several years, many entities have submitted proposals for regulated Bitcoin (BTC) exchange-traded funds, or ETFs in the United States. So far, the Securities and Exchange Commission, or SEC, has not approved any official Bitcoin ETF product for the mainstream public. What is an ETF and what is the holdup when it comes to BTC? As crypto gains increased trust in the public eye, entities look for opportunities to bring digital assets into the traditional financial world as part of a more formal and regulated approach. As its first major step into crypto, the Chicago Board Options Exchange, …

In a varied career, Dan Schatt has been a Peace Corps volunteer in Romania, a Citibank banker in Senegal, a Celent analyst and a PayPal executive. He co-founded Cred, a decentralized lending and borrowing platform, with other PayPal technology veterans in 2018. Cred attracted some attention last year when it enabled a California politician to purchase cannabis with Bitcoin Cash (BCH). The politician was the first elected official to use cryptocurrency to purchase cannabis in the United States, according to Cointelegraph, in a demonstration meant to show how blockchain and stablecoin technology could enable more effective tax collection. Elsewhere, working …

One of the recurring themes in the digital asset markets across 2018 and 2019 has been the failure of multiple Bitcoin (BTC) exchange-traded fund (ETF) applications to gain the approval of the United States Securities and Exchange Commission. Each new application was met with anticipation, only to be dismissed for the same reason: concern over how the ETF would derive its price, whether this price could be manipulated, and if the listing exchange could adequately meet section 6(b)(5) of the Exchange Act. This section states, in part, that: “The rules of the exchange are designed to prevent fraudulent and manipulative …

The news that WisdomTree, a major asset manager with $63.8 billion in assets under its belt, plans to launch a regulated stablecoin — pending approval from the United States Securities and Exchange Commission — could be a significant development. It would bring a unique combination of being an enterprise level and having financial regulatory experience to the stablecoin arena — and if talks with the SEC go well, perhaps even the first U.S.-regulated crypto exchange-traded fund. The stablecoin will be pegged to a basket of assets such as gold, fiat currencies and government debt, Cointelegraph reported on Jan. 12. However, …

A Jan. 14 form with the United States Securities and Exchange Commission (SEC) confirms that Bitwise Asset Management requested the withdrawal of its application for a Bitcoin (BTC) Exchange Traded Fund (ETF). This is the second major ETF withdrawal in recent months following similar actions by VanEck. Bitwise applied for ETF registration in January 2019. In March of the same year, it had released the Bitwise Report on exchange volume, claiming that 95% of trading volume is fabricated. The finding was used by the company as an argument for the SEC to accept the ETF. By disregarding the majority of …

As a Bitcoin exchange-traded fund (ETF) continue to elude U.S. markets, one startup has secured $17 million that seem earmarked to bring blockchain tech to ETFs. WisdomTree announced investment in a startup called Securrency Inc., one of the top institutional-grade blockchain builders in the financial and regulatory space, per a Jan. 7 press release. An asset manager, ETF and exchange traded-product (ETP) backer, WisdomTree is looking to harness blockchain technology for the ETF market. Following the announced funding round, WisdomTree aims to work with Securrency to expand the availability of ETFs via blockchain technology. Garnering $17.65 million in total investments, …

An application for a blockchain-focused exchange-traded-fund (ETF) has been filed with China’s securities regulator, according to a disclosure from the China Securities Regulatory Commission. The proposal, filed on Dec. 24 by Shenzhen-based asset manager Penghua Fund, is for an ETF that would track the performance of a basket of publicly-listed stocks from businesses in the blockchain sector. If approved, the fund would be China’s first blockchain-themed ETF, according to a Dec. 26 news release from the state-run Shanghai Securities Journal (SSJ). Shanghai Stock Exchange Launches “Blockchain 50 Index” On the same day that Penghua Fund’s proposal was submitted, the Shenzhen …

The United States Securities and Exchange Commission (SEC) has earmarked a longer period for considering an updated Bitcoin (BTC) and U.S. T-Bills exchange-traded fund (ETF) proposal by Wilshire Phoenix Fund. In a notice published on Dec. 20, the regulator indicated it would come to a decision on approval or disapproval of the fund by Feb. 26, 2020 — 240 days after the publication of Wilshire Phoenix’s last proposed rule change to its filing. Fund would have two constituent assets, Bitcoin and U.S. T-Bills As previously reported, Wilshire Phoenix’s proposal has undergone a typical process of solicitations for public comment, subsequent …

The United States Securities and Exchange Commission (SEC) is reviewing its decision to reject the Bitcoin (BTC) exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca. Taking a second look In an announcement on Nov. 18, the commission said that the ETF filing from Bitwise Asset Management and NYSE Arca will return to review, following the earlier rejection for not meeting the necessary requirements. In October the U.S. regulators said that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities. The SEC wrote at the time: "The Commission is disapproving this proposed …

October has been a busy month in the race to register the first crypto exchange-traded fund compliant with the requirements of United States regulators. Following the Chicago Board Options Exchange withdrawing its proposal for VanEck/SolidX Bitcoin ETF earlier in September, the ETF filing from Bitwise Asset Management and NYSE Arca was turned down by the Securities and Exchange Commission on Oct. 9. The regulatory authority remained unconvinced of the applicants’ ability to prevent manipulative practices to the extent required by a national securities exchange. For a brief moment, the only standing Bitcoin ETF application has been a bid by the …

Bitcoin (BTC) changed its volatility characteristics as Cameron and Tyler Winklevoss unveiled the first Bitcoin exchange-traded fund (ETF), new data claims. Uploaded to social media by well-known statistician Willy Woo on Nov. 1, a chart of Bitcoin volatility shows a new phase beginning around March 2017. Woo: “Smart money came in” after Winklevoss rejection This, the time at which U.S. regulators rejected the Winklevoss’ ETF application, was nonetheless a watershed moment for Bitcoin. “My thesis has always been that the 2017 Winklevoss ETF attempt was the first time in Bitcoin's history that it was described as a financial instrument instead …

A German startup is attempting to list a Bitcoin (BTC) derivative product on the Frankfurt and Luxembourg stock exchanges. According to German business news daily Handelsblatt on Oct. 29, the startup Iconic has filed a prospectus for regulated trading of a Bitcoin exchange-traded note (ETN), which could become available as soon as the beginning of December 2019. Iconic said that it will issue an ETN that will offer investors exposure to the seminal cryptocurrency on a regulated marketplace. The ETN will also be issued its own International Securities Identification Number. Handelsblatt states that, while Iconic is based in Frankfurt, the …