Golden Finance reports that the U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of the filing documents for the Truth Social Spot Bitcoin ETF. This news has once again drawn market attention to the compliance process of cryptocurrency investment products.
In the field of cryptocurrencies, the launch of spot Bitcoin ETFs has always attracted much attention. On January 10, 2024, the SEC approved the applications of 11 companies, including BlackRock and Fidelity, for Bitcoin ETFs. This historic decision marks a further consolidation of Bitcoin’s position in mainstream financial markets and temporarily brings to an end the long-term game between the cryptocurrency industry and the SEC. This time, Truth Social’s submission of the application documents for the spot Bitcoin ETF is another significant attempt in this field.
The past journey of applying for Bitcoin ETFs has been full of twists and turns. Since the Winklevoss brothers submitted the application for the first Bitcoin exchange-traded fund (ETF) in July 2013, many companies have followed suit. Grayscale Investment also applied to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. However, all were rejected by the SEC on the grounds that they were “vulnerable to market manipulation”. It was not until August 2023 that the Court of Appeals for the Circuit in Washington, D.C. ruled that the SEC’s rejection of Grayscale Investments’ application for a Bitcoin spot ETF was incorrect, forcing the SEC to reconsider its position and making the approval of the Bitcoin ETF possible.
The SEC has always been cautious about financial products related to Bitcoin. Even though some Bitcoin ETFs have been approved for listing, SEC Chair Jensler has made it clear that the SEC does not recognize Bitcoin. He emphasized that Bitcoin is a speculative and highly volatile asset and is often used for illegal activities. Investors need to remain highly vigilant about the risks of related products. The market is waiting to see how the SEC will review the application documents of Truth Social in the future and whether it will approve the listing of this ETF. If the Truth Social Spot Bitcoin ETF is ultimately approved, it will provide investors with more diversified Bitcoin investment channels and further promote the integration of the cryptocurrency market and the traditional financial market. However, if the SEC rejects it, it will once again highlight that Bitcoin-related financial products still face many challenges on the road to compliance.
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