On January 10, 2024, after 10 years of saying “no,” the United States Securities and Exchange Commission (SEC) approved the application for eleven spot Bitcoin exchange-traded funds (ETFs). Within four months, Bitcoin hit record highs and more than $30 billion was invested in the Bitcoin ETFs. Then, on May 23, 2024, the SEC surprised the crypto community when it effectively approved the sale of spot Ether ETFs (see here). Those ETFs started trading in late July…
In a post two months ago, we discussed how the United States Securities and Exchange Commission surprised the crypto community on May 23, 2024 when it effectively set the stage for the sale of spot Ethereum Exchange-Traded Funds (ETFs) to begin in the not-too-distant future. That day has now arrived. On May 23, 2024, the SEC approved the 19b-4 form for a number of ETH ETF applications (form 19b-4 is a form that is used to inform…
The United States Securities and Exchange Commission surprised the crypto community on May 23, 2024 when it effectively approved the sale of spot Ether Exchange-Traded Funds (ETFs). First, some historical context. In 2013, Gemini founders Tyler and Cameron Winklevoss first sought to launch a Bitcoin ETF. The SEC rejected that application and, for about 10 years, rejected all other applications to list spot Bitcoin ETPs (an Exchange Traded Fund is the most common type of…
We have been writing for years about what had become an almost quixotic quest for U.S. SEC approval of a spot Bitcoin ETF (see one such post here). The D.C. Circuit’s decision in the Grayscale case (see post here) was a clear repudiation of the SEC’s position and infused the industry with hope that such approval might finally be forthcoming. Though it has not happened yet, this post provides an update on this topic. There…
On August 29, 2023, the D.C. Circuit Court of Appeals delivered the most recent blow to the SEC’s crypto crackdown with its ruling in Grayscale Investments, LLC v. SEC. The decision was a big win for Grayscale and a clear repudiation of the SEC’s handling of Grayscale’s (and, implicitly, others’) spot Bitcoin ETF application under the Administrative Procedure Act (“APA”). By way of background, in 2013, Gemini founders Tyler and Cameron Winklevoss first sought to…
It was no surprise when the SEC recently denied the most recent request for a spot Bitcoin ETF. That has been the SEC’s response to every such application ever made to it. This particular request was by VanEck, which had already had an earlier request denied as well. According to the SEC, generally speaking, the submission was not sufficiently structured to prevent fraud and manipulation. In language it has used before, the SEC said: The…
Just last week we wrote about the oft-visited subject of the refusal of the U.S. Securities and Exchange Commission (SEC) to approve a spot Bitcoin ETF, even though it has approved futures Bitcoin ETFs. And we noted that Grayscale Investments LLC (Grayscale) has appealed to the D.C. Circuit the SEC’s decision in its case, stressing the arbitrary nature of the SEC’s position concerning spot ETFs; oral argument is scheduled for March 7. On January 30,…
We have followed for years the saga of the many applications for a spot Bitcoin ETF that have been denied by the U.S. Securities and Exchange Commission (SEC). See here and here. In April 2022, however, the SEC approved the Teucrium ETF — resting its decision on the fact that it was a futures ETF. But, unlike the earlier approved funds that had been filed under the 40 Act, Teucrium had filed under the Securities…
We have followed for years the saga of the many applications for a spot Bitcoin ETF that have been denied by the U.S. Securities and Exchange Commission (SEC). See here and here. This included the hope, when current SEC Chairman Gary Gensler was originally appointed, that the SEC might view things differently, but it was not meant to be, as the string of denials continued. There was one bright spot, in October 2021, when the…
We have written often about how the US SEC has, to date, refused to authorize a spot Bitcoin exchange traded fund (click here), while other countries such as Canada have done so (click here). Australia’s main market, the Australian Securities Exchange (ASX), has now given the green light for its first Bitcoin ETF, as reported by the Australian Financial Review. Cosmos Asset Management could launch its bitcoin ETF as early as April 27. Interestingly, however,…