Cathie Wood’s ARK Investment Management has been trying to launch their spot Bitcoin ETF in the USA and recently filed another application. They were recently turned down by the SEC and now they have filed an application again.
The SEC said that had turned down the application due to a few changes they wanted the applicant to make. Now with the proposed rule change that was suggested by Chicago Board Options Exchange, the new filing has been made.
They had applied in April to earlier this year but had been rejected citing some issues. The main reason for having a Bitcoin ETF is that ARK 21Shares wants to track the performance of Bitcoin with respect to how the S&P Bitcoin index is doing.
It will help hedge fund managers and financial advisors get a hang of its patterns and offer insight into it. This will also let people make much more informed decisions about BTC and altcoins in general,
But not Bitocin ETF has been approved by the SEC yet. They either decline then or delay their approval into oblivion. Because of this, the stance of the USA on crypto is still vague.
With crypto enthusiasts growing exponentially there is an anti-crypto crowd also gaining momentum. But if the ETF is approved by the SEC that would open the world of crypto to new horizons.
With financial regulators warming up to the idea of DeFi there is a very high chance that crypto is here to stay for a long time.