BTC ETF Saga Continues

in crypto •  last year 

Fidelity, VanEck, and more refile spot Bitcoin ETF applications after reports of SEC rejections

News of impending rejection from the SEC over language concerning surveillance agreements have led to a wave of updated refilings.

It's all about surveillance under the pretext of manipulation. But, of course, the top banksters can do both at the same time without getting caught publicly.

Fidelity, WisdomTree, VanEck, and Invesco — all of which filed spot Bitcoin ETF applications in recent weeks — submitted revised filings on June 30. Those filings can be seen on the Cboe Global Markets’ page for pending rule changes for BZX options. The refiled applications all explicitly state, “the Exchange is expecting to enter into a surveillance-sharing agreement with Coinbase, Inc.”

All this contortion is due to BTC not being filed as a security or commodity - so let's see which crypto exchanges rise to the top.

crypto news bitcoin btc spot etf sec cftc securities commodities
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    • [-]
      ·  last year  ·  

    Stay away from Grayscale Bitcoin Trust despite discount narrowing to 10-month low
    https://coinjournal.net/news/stay-away-from-grayscale-bitcoin-trust-despite-discount-narrowing-to-10-month-low/

    why?

    In truth, the very existence of the Grayscale trust is a black mark on the sector. The discount it trades at is farcical – even following the recent narrowing, a 30% delta is an enormous chasm, one that is hurting investors.

    Sorry, but the 2% fee pa is also huge, and for a trust that does nothing but hold assets - no trading, no income, no profits - there is no way this is going anywhere near NAV after 10 years of such fees.

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    [-]
      ·  last year  ·  

    Over $140 Million in Liquidations as Bitcoin Dumps by $1.5K to $30K
    https://cryptopotato.com/over-140-million-in-liquidations-as-bitcoin-dumps-by-1-5k-to-30k/

    the game of banksters

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    [-]
      ·  last year  ·  

    stacking hopium
    Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein

    The lack of a spot ETF leads to the growth of over-the-counter products like the Grayscale Bitcoin Trust, which are more expensive, illiquid and inefficient, the report said.

    yeah, but this isn't about efficiency; it's about control.

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    [-]
      ·  last year  ·  

    All this waiting has been to allow the CME BTC futures to have enough volume to justify using it as the surveillance protocol to establish a fair market - truly laughable. What we have seen in the last couple of years is how the CME price can manipulate the spot price - job done by the banksters!

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    [-]
      ·  last year  ·  


    smell the lies

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    [-]
      ·  last year  ·  

    This bit is interesting:

    As further discussed below, the Commission has historically approved or disapproved exchange filings to list and trade series of Trust Issued Receipts, including spot-based Commodity-Based Trust Shares, on the basis of whether the listing exchange has in place a comprehensive surveillance sharing agreement with a regulated market of significant size related to the underlying commodity to be held. Prior orders from the Commission have pointed out that in every prior approval order for Commodity-Based Trust Shares, there has been a derivatives market that represents the regulated market of noted that the spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on the underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies. [my italics]

    and it carries on...

    As such, the regulated market of significant size test does not require that the spot bitcoin market be regulated in order for the Commission to approve this proposal, and precedent makes clear that an underlying market for a spot commodity or currency being a regulated market would actually be an exception to the norm. These largely unregulated currency and commodity markets do not provide the same protections as the markets that are subject to the Commission’s oversight, but the Commission has consistently looked to surveillance sharing agreements with the underlying futures market in order to determine whether such products were consistent with the Act. With this in mind, the CME Bitcoin Futures market is the proper market to consider in determining whether there is a related regulated market of significant size. [my italics]

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    [-]
      ·  last year  ·  

    So this is how crypto derivatives exchanges will be frozen out - by using regulated CFTC exchanges.

    BTW, one error: in the USA, Bitcoin is classed as a commodity, while other jurisdictions may class it as something else.

    It does look like the waiting game was to let exchanges such as CME and Cboe increase their volumes so that their prices could be considered valid.

    In the absence of further SEC posturing, these recent spot BTC ETFs may finally get approved.

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    [-]
      ·  last year  ·  

    Pro trader: SEC will ‘throw a bone’ to crypto market with Bitcoin ETF approval
    https://finbold.com/pro-trader-sec-will-throw-a-bone-to-crypto-market-with-bitcoin-etf-approval/


    it's in there around 13 mins.

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    [-]
      ·  last year  ·  

    real bones

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    [-]
      ·  last year  ·  

    Institutional demand for Bitcoin prevails despite SEC roadblocks, thanks to…
    https://ambcrypto.com/institutional-demand-for-bitcoin-prevails-despite-sec-roadblocks-thanks-to/
    Large funds begin to accumulate Bitcoin despite SEC’s recent actions towards the cryptocurrency sector. Traders turn hopeful as number of call positions taken for Bitcoin increase.

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    [-]
      ·  last year  ·  

    tangentially related, given GBTC,
    Cameron Winklevoss makes Barry Silbert an offer he can’t refuse

    Gemini co-founder Cameron Winklevoss has threatened to wage legal war against Digital Currency Group (DCG) and its chief Barry Silbert unless he agrees to settle the debt of its subsidiary, Genesis Global Trading, with Gemini Earn’s customers.

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    [-]
      ·  last year  ·  


    tribal spat

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    [-]
      ·  last year  ·  

    Bitcoin ETFs will be 'winner takes most' market, says Bitwise exec

    Typically, the firm that is first to market snags the most assets under management. The largest gold, crude, and crypto equity ETFs were first movers in their respective sectors, with SDPR's Gold Trust currently boasting nearly double the amount of assets of its closest competitor.

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    [-]
      ·  last year  ·  

    However, if all current BTC ETFs are confirmed at the same time:

    "I imagine some investors will favor specialist ETF providers like Bitwise, some will favor more traditional firms like BlackRock, and some will look for the cheapest option," Hougan said.

    Note that they all seem to be trying to set up the same type of ETF structure.

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    [-]
      ·  last year  ·  

    BlackRock Spot Bitcoin ETF Could Unlock $30T Worth of Capital
    https://www.coinspeaker.com/spot-bitcoin-etf-30t-capital/

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    [-]
      ·  last year  ·  

    This looks like a fintech-middle-finger to gary the goose

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