Despite garnering immense attention from across the globe, several aspects of the crypto-verse remain untouched by many. For instance, Bitcoin exchange-traded funds [ETF] have never seen the light of the day in the United States. As more players enter the market, the need for new and efficient features has started to surge. However, regulatory entities, particularly in the US seemed to be appalled by this.
The Securities and Exchange Commission [SEC] of the US has received an array of Bitcoin ETF applications throughout the years. Despite the constant urge and need for a crypto ETF, the US clearly stated it wasn’t ready for a crypto ETF. Most of the applications were seen shown the door or postponed. This did not stop firms from diving into the field as applicants for Bitcoin ETFs are still knocking on the doors of the SEC.
Prominent financial services platform Fidelity Investments, as well as crypto asset, managed Bitwise, separately sent out ETF applications. While Fidelity had already sent out its application, the platform decided to drive SEC to approve its purpose.
Bitcoin ETFs are still making rounds
As per, Bitwise’s filling, instead of a regular Bitcoin ETF, the platform intends to roll out an ETF pegged to cash-settled Bitcoin futures contracts. With this application, the platform hopes to garner much more than just an ETF. The filling read,
“[…] to obtain exposure to Bitcoin primarily through indirect investments in standardized, cash-settled Bitcoin futures contracts traded on commodity exchanges registered with the CFTC.”
In an elaborate filling Bitwise explained to the SEC why its application should be approved.
In other news, Fidelity decided to take a step forward and urge the SEC to approve its ETF application. Fidelity Digital Assets’ president, Tom Jessop along with six others from the firm decided to meet with the officials of the SEC. In this privately held meeting, members representing Fidelity reportedly laid out reasons for the approval of an ETF in the country.
The executives pointed out various aspects that included the ever surging demand for cryptocurrencies and products related to them. Along with this, members noted how other countries were well ahead in the game, while the US was lagging behind.