Constancy Investments resubmitted its software for a spot Bitcoin exchange-traded fund (ETF) known as the Smart Origin Bitcoin Belief on June 29.

Constancy first filed an software in 2021, however it was rejected by the SEC in January 2022, together with different Spot Bitcoin ETF purposes. To this point, the establishment that submitted the spot software for the Bitcoin ETF has not acquired approval.

Nonetheless, the wave of institutional curiosity seems to have been sparked by BlackRock’s Spot Bitcoin ETF. Constancy is the most recent to affix a sequence of such re-applications triggered by BlackRock’s personal submitting in early June.

As of June 29, there are 9 pending purposes for Spot Bitcoin ETFs filed with the SEC. Different purposes have been submitted by Ark Make investments, 21Shares, Bitwise, WisdomTree, Invesco, Valkyrie, and VanEck.

All however BlackRock’s purposes have been denied by the SEC up to now two years. BlackRock itself has a protracted historical past of ETF approvals, with 575 ETFs authorised and just one rejected, making the market optimistic that this software may also be authorised. ing.

The SEC has argued that merchandise instantly uncovered to Bitcoin should not protected for traders as a result of there should not sufficient guardrails in place to forestall market manipulation. However Eliot ETF chief funding officer Elliot Johnson mentioned the principle differentiator in BlackRock’s submitting is a surveillance settlement that enables the Nasdaq to watch the agency’s buying and selling exercise. Johnson argued that this degree of surveillance might successfully stop such manipulation.

The court docket questioned the oversight company’s logic within the Grayscale v. SEC case, arguing that it was flawed as a result of it allowed ETFs primarily based on Bitcoin futures. Nonetheless, the lawsuit has not but concluded, so it’s unclear whether or not it would have an effect on the present stance on spot ETFs.

Constancy Reapplies for Spot Bitcoin ETF Regardless of 2022 Denial This text first appeared on currencyjournals.

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