Wall Street Watchdog Keeps Bitcoin ETFs on Ice

wall street bitcoin etfs watchdog keeps
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Wall Street Watchdog Keeps Bitcoin ETFs on Ice

For eight years, asset managers have tried to launch bitcoin exchange-traded funds, but success seems no closer now than it did in 2013. The Securities and Exchange Commission said this month it would seek public comment on WisdomTree’s proposal to launch a bitcoin ETF, focusing on whether the fund would be safe for investors. The agency has already sought comment on pitches from at least four other firms: SkyBridge Capital, VanEck, Valkyrie Digital Assets and Kryptoin Investment Advisors. ETFs promise low fees, tax advantages and relative ease of trading. Their adoption has upended the way stocks, bonds and commodities are traded. At stake are potentially billions of dollars in fees for managers. But so far the industry hasn’t been able to persuade the SEC that bitcoin ETFs wouldn’t be susceptible to manipulation, fraud and illicit activities such as money laundering. Officials are unlikely to change their minds until the SEC can monitor trading activity on crypto exchanges the way it does in stocks, bonds and other assets,