To date, U.S. regulators have consistently rejected efforts by ETF issuers to bring bitcoin-related ETFs to market.
Last year, the SEC rejected the applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.
Some crypto market observers view the recent SEC solicitation as a positive step toward getting a bitcoin ETF to come to market.
“Most people are interpreting this step as a significant direction towards the approval of the first Bitcoin ETF in the United States. Bitcoin and the entire market have been in the red for the longest time in history. A correction is required in order to see the market recover after hitting year lows in 2018 as well as 2018. An influx of fresh funds from institutional investors is expected to ignite a reversal in the prices of assets,” reports FXStreet.
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