SEC has been coming down on cryptocurrencies in recent times but have also been known for warming up to them. In recent times their stance has shifted from a staunch anti-crypto agency to a more relaxed one.
As crypto grows more popular than ever, institutions have been more welcoming of the DeFi innovations and also helping people heavily involved in them too. As regulatory bodies ease their restrictions on the crypto market they are now getting more involved in the DeFi spaces.
In April the SEC rejected ARK21Shares application for becoming a Bitcoin ETF stating a lack of protection for the investors in the program. After the rejection, another filling was done by Cboe BZX Exchange on the 13th of May. SEC has not made its stance on the new filing clear and says that it will take some time.
As of now, there is no spot Bitcoin ETFs that have been cleared by the SEC. They have either rejected the ones that have been filed or delayed their response to the ones that have been filed. Even though the SEC vs Coinbase debate has been put to rest with the “Lend” feature now.
Cboe said that they filed another application on May 25 that rectifies and answers all of SEC’s concerns on the previous one. With crypto and DeFi gaining more prominence and more tech-oriented people pushing for it. There is a very high chance that the SEC will try and accommodate more of them in the future.
If you have been planning to get on the crypto bandwagon right now is the best time to do so.