Over the past few years, many entities have submitted proposals for regulated Bitcoin exchange-traded funds (ETFs) in the United States. So far, none have been approved.
Last week, the US Securities and Exchange Commission (SEC) opposed yet another application for a Bitcoin exchange-traded fund (ETF) by Wilshire Phoenix and NYSE Arca, confirming that the digital currency has a long way to go before it secures approval as a traded investment on a public securities market.
Citing reasons somewhat in line with those stated in 2018 when the Winklevoss Bitcoin Shares proposal was the first to share the fate of its successors, the SEC’s latest shun came as a surprise to many within the crypto community, who seemed confident that a Bitcoin ETF could be on the horizon.
Copper’s latest report, ‘Why are structured products in Bitcoin so hard to achieve?’, explores the objections raised against approving an ETF in the US, and the market hurdles Bitcoin must overcome before US regulators allow the cryptocurrency to enter the financial instrument realms of Madison Avenue.
Download the full report here: Copper No1