During a discussion on the American television show CNBC’s Squawk Box, ARK Invest CEO Cathie Wood applauded the effort of the Securities and Exchange Commission (SEC) over the numerous spot Bitcoin ETF applications that have been submitted to its office.
Bitcoin ETF: Long Way Coming
It is common knowledge that the U.S. regulator has never given its approval to any spot Bitcoin ETF application. Grayscale was once a victim of this sentiment as the SEC rejected its application to convert its Grayscale Bitcoin Trust (GBTC) ETF to a physically backed product. It was not until recently that a federal judge ordered the regulator to reconsider Grayscale’s application.
According to the judge, the SEC failed to recognize the “obvious financial and mathematical relationship between the spot and futures markets.”
Over and again, the SEC has constantly raised concerns of market manipulation, fraud and investors’ unsecured exposure as the reasons behind its rejection of the previous fil
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