​SEC Accepts Seven Applications for Spot Bitcoin ETF The US S | Global CRYPTO News

​SEC Accepts Seven Applications for Spot Bitcoin ETF

The US Securities and Exchange Commission (SEC) has officially accepted several applications from companies seeking to register Bitcoin spot EFT.
The first SEC officially accepted the application from the race favorite Blackrock, then from the Valkyrie company. Later, the regulator confirmed applications from Bitwise, VanEck, WisdomTree, Fidelity and Invesco. The confirmation has already appeared in the Federal Register.

The SEC has previously rejected dozens of bitcoin spot EFT applications, stating that these proposals do not meet anti-fraud standards and do nothing to protect investors. But the Nasdaq stock exchange said they would solve these problems with the help of Coinbase, the largest US cryptocurrency exchange.

Brokerage Bernstein recently published a report saying that the likelihood of a spot Bitcoin ETF being approved by the regulator is quite high. However, according to brokers, the SEC may refuse, citing the unreliability of the product.

Former SEC Chairman Jay Clayton says regulators will find it “hard to resist” approving a bitcoin spot ETF. He believes that first the SEC will have to make sure that the product is able to prove its effectiveness in the market.