Fidelity looking for Bitcoin spot ETF application approval with SEC, after Canada
Fund manager firm Fidelity finally launched its Bitcoin spot ETF product in Canada on 2 December. Now eyeing over the response of US regulators.
At present, there are three Bitcoin futures ETFs that are alive, which got approval in the last months by the United States Securities and Exchange Commission (SEC) agency. After the approval of three Bitcoin futures ETFs application by the SEC agency, many experts said that SEC will easily approve the Bitcoin spot ETF. But in current, the response by the SEC agency is a clear indication that they are not going to approve Bitcoin spot ETF approval.
In the latest, Fidelity- one of the largest fund manager firms, asked the Securities and Exchange Commission to approve the Bitcoin spot ETF product, Fidelity Advantage Bitcoin ETF.
After the approval, all the customers and existing registered financial advisors will be able to invest in the Bitcoin ETF products directly or with a derivative option. And also the clients of Fidelity will be able to use Canadian or US dollars.
Right now, the Canadian dollar option is available and obviously, this is restricted to few people in this world. But Fidelity wants to make it available to the whole world under full compliance.
However, the Fund manager firm asked for the approval of the Bitcoin spot ETF product but the SEC agency will not approve, as per the current situation and past response on similar kinds of applications.
SEC agency on Bitcoin spot ETFs
Over the last 30 days, the SEC agency rejected two applications of the Bitcoin spot ETFs. And there are huge chances that, SEC will give its decision over the Bitcoin spot ETF application of the Grayscale fund management firm.
Grayscale fund management firm is worried in advance because the firm knows very well that the SEC agency will reject the application. The grayscale firm wrote an open letter to the secretary of the SEC agency and said that the SEC agency is not doing good over the Bitcoin spot ETFs application.
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