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ETF

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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,…

As we have discussed previously, although there was hope when Gary Gensler was initially appointed Chairman of the Securities Exchange Commission that this would mean the SEC would take a different, more enlightened view on the issue of approving a spot Bitcoin ETFs, over the past couple of months, that hope was dashed when Chairman Gensler noted that he looked favorably only on futures-based Bitcoin ETFs.  Consistent therewith, on October 19, 2021, Pro Shares became…

We have written extensively about the efforts that go back to when, in 2013, Gemini founders Tyler and Cameron Winklevoss first sought to launch a Bitcoin ETF. The SEC has rejected numerous such applications since then, and many are pending now. Over the past month or so, however, Securities and Exchange Commissioner Chairman Gary Gensler had indicated that he was more favorably inclined to allow futures-based cryptocurrency ETFs (as opposed to those that invest directly…