SEC Letter: Why A BTC Backed ETF Is Unlikely To Be Approved Anytime Soon

Following the approval of bitcoin futures trading and the naming of Dalia Blass, who worked for the law firm that advised on the failed Winklevoss bitcoin ETF, as head of the SEC’s Division of Investment Management, there was significant anticipation within the community that a bitcoin-backed ETF would be approved soon. However, on January 18, 2018, the U.S. Securities and Exchange Commission (SEC) issued a Staff Letter titled, Engaging on Fund Innovation and Cryptocurrency-related Holdings, which threw significant cold water on that idea. DAR examines the comments from the SEC and concludes that the approval of a BTC backed ETF is unlikely to be approved anytime soon. To find out how to get access to our report, please follow the link here

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