SEC Rejects NYDIG, Global X Spot Bitcoin ETF Applications
The move continues a recent string of denials of spot bitcoin ETF applications by a number of financial institutions.Read MoreFeedzy
The SEC had extended its review period to receive and review comments on NYDIG’s spot ETF product, and has now concluded it didn’t meet sufficient criteria, citing concerns around fraud, manipulation and valuation methodology.
The rejections come as no surprise as SEC Chair Gary Gensler has indicated multiple times that he prefers to see a bitcoin futures ETF over one that holds bitcoin directly.
UPDATE (March 11, 15:14 UTC): Adds context in second bullet point.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Recent Posts
Bitcoin Is a Commodity: Why Congress Must Fix Bitcoin Taxes
Bitcoin Magazine Bitcoin Is a Commodity: Why Congress Must Fix Bitcoin Taxes I grew up…
Bitcoin Devs Float Proposal to Freeze Quantum-Vulnerable Addresses — Even Satoshi Nakamoto’s
A new Bitcoin draft proposal wants to do what’s long been unthinkable: Freeze coins secured…
This Bitcoin Thesis ‘Will Retire Your Bloodline,’ Says Expert
A provocative post published on July 14 by long‑time Bitcoin advocate and “Taproot Wizard” Udi Wertheimer has…
What If the Magnificent 7 Allocated Just 1% of Their Cash to Bitcoin?
Bitcoin Magazine What If the Magnificent 7 Allocated Just 1% of Their Cash to Bitcoin?…
Altcoin Season Index Spikes Above 30, But Bitcoin Dominance Remains High, What Next?
The altcoin season has remained elusive because Bitcoin has continued to dominate the market. Even…
Bitlayer’s BitVM Bridge Debuts Its Mainnet, Offers Trust-Minimized Bitcoin DeFi
Bitlayer's BitVM Bridge launched its mainnet on Wednesday, enabling bitcoin (BTC) liquidity for decentralized finance…