01:29:06 EDT Sun 28 Apr 2024
Enter Symbol
or Name
USA
CA



FP/wire say SEC expected to allow bitcoin ETF

2023-11-22 07:42 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Financial Post reports in its Wednesday edition that it is being touted as crypto's big breakthrough on Wall Street: The imminent arrival of bitcoin exchange-traded funds that will kick open digital-currency investing to the institutional and retail masses. A Bloomberg dispatch to the Post says that is driving the latest hype cycle in the world's largest token on bets of mainstream acceptance. Thank an oncoming swing in the regulatory pendulum. The U.S. Securities and Exchange Commission is expected, possibly by mid-January or sooner, to green-light funds that will buy and sell bitcoin in the famously tax-efficient and cost-effective ETF wrapper. At first blush, it offers a path to redemption for digital-asset proponents a year after the FTX Trading Ltd. implosion. Now, with the likely involvement of respectable heavyweights such as Blackrock, FMR LLC and Invesco, the spot-bitcoin ETF market has the potential to grow into a $100-billion (U.S.) juggernaut in time. Galaxy Digital Holdings is working with Invesco on an application. Jeff Janson at Summit Wealth Partners LLC has already received calls from investors. "I feel like we are now staring down the gun barrel of the SEC finally delivering approval," he said.

© 2024 Canjex Publishing Ltd. All rights reserved.