Anthony Scaramucci, the former White House Director of Communications, is making another attempt to release a spot bitcoin exchange-traded-fund (ETF) through his investment firm Skybridge Capital, according to a report from Bloomberg Law.
The report indicated that Skybridge “is planning to file again for permission to list a spot Bitcoin exchange-traded fund on the New York Stock Exchange.” Reportedly, we could see the filing within the week.
Previously, in March of 2021, the investment firm filed for regulatory approval with the Securities and Exchange Commission (SEC) to offer a spot bitcoin ETF. However, in January of this year the application was rejected by the SEC which stated the firm stating Skybridge failed to adhere to expectations “designed to prevent fraudulent and manipulative acts and practices,” and “to protect investors and the public interest.”
Similarly, Grayscale Bitcoin Trust announced its intention to convert its fund into a spot bitcoin ETF in April of last year. That following October, the filing was submitted to the SEC. Nine months later, the application process – which on the SEC’s website mentioned a standard turnaround time of less than two weeks – is still being stalled with a July 6th deadline.
In fact, Grayscale has hired one of the top legal minds of the Obama administration in preparation for the SEC to deny its application. However, it’s not only those looking to offer ETFs to the market who disagree with the foot-dragging of the SEC on this matter.
Indeed, one of the SEC Commissioners Hester Pierce has also noted her dissent from the lack of direction being provided by the regulatory agency. While she believes that the SEC still has time to turn things around, the commissioner was not shy in saying “The Commission’s resistance to a spot bitcoin ETP (exchange-traded-product) is becoming almost legendary.”