All applications to launch a Bitcoin-ETF Crypto-fund focused on the BTC spot price are systematically rejected by the Securities and Exchange Commission (SEC). The regulator cites risks of manipulation of the asset’s value.
However, congressmen Tom Emmer and Darren Soto urged the SEC not to delay and speed up legalization of the new product as early as last fall.
Kathy Wood, founder of ARK Invest, also believes that a spot Bitcoin-ETF is needed in the U.S. market so that institutional investors have another tool to test the capabilities of the largest digital currency.
ARK Invest’s application to launch such a product was previously rejected by the SEC, as were all other such applications.
Nevertheless, Katie Wood announced that her fund will soon send a new application to the U.S. regulator for consideration.
Speaking at the FTX / SALT Crypto Bahamas conference last Wednesday, Kathy Wood said the legalization of Bitcoin futures ETFs is an important development for the crypto market. But institutional investors need another tool to gauge the real potential of BTC.
Galaxy Digital CEO Mike Novogratz, who was present at the same event, believes that the SEC will approve the launch of a spot Bitcoin fund as early as next year. SEC head Gary Gensler will assess the potential risks and decide whether to legalize the new product, the billionaire stressed.