Bitcoin ETF applications to the SEC are increasing. As Gary Gensler, the new Securities and Exchange Commission Chairman, evaluates the options, it is eagerly awaited whether applications for Bitcoin exchange-traded funds (ETF) will be accepted.
Bitcoin ETF applications climb
Last week, Gensler spoke before the House of Representatives’ financial services subcommittee. During his speech, Gensler said, “There are many challenges and gaps for investor protection in the cryptocurrency markets.” said. The President also said that no cryptocurrency exchange has yet been registered with the SEC as an exchange.
About a dozen Bitcoin ETF applications are currently awaiting approval from the SEC. There are many large firms that ship ETFs, including Fidelity, WisdomTree, Wilshire Phoenix, VanEck and First Trust SkyBridge.
There is also a small but growing amount of Ethereum ETF applications, including those submitted by VanEck and WisdomTree in May.
The deadline for submissions has been delayed
The SEC has already rejected several Bitcoin ETF applications and has not considered any new applications recently. Hours before the April 28 deadline, the SEC announced that its decision on VanEck’s filing was delayed to June at the earliest.
Gensler previously taught courses on blockchain technology at MIT. So many crypto enthusiasts were emboldened by Gensler’s appointment as SEC Chair.
“More protection needed”
However, the president called for “more investor protection”, especially in BTC. Additionally, the investment management division of the SEC has issued a warning to investors about crypto market risks.
The backlog in crypto ETF approvals has led willing investors to engage with cryptocurrencies in other ways. Canada has approved a Bitcoin ETF.