SEC Will Need To Approve An ETF For Bitcoin, Says Chamber Of Digital Commerce

The Chamber of Digital Commerce has recently made a statement that involves the US SEC and what it will need to do with incoming ETF requests.

SEC to Approve Requests for ETF

The Chamber of Digital Commerce, the crypto advocacy group has stated that it has become very important that the SEC must address the requests coming in for the ETF approvals.

The group has demanded that the US Securities and Exchange Commission must start reviewing and approving the requests for ETFs.

However, the group has demanded that the US SEC must acknowledge the interest of the investors who are living in the United States. The Exchange Commission must begin with approving the approval applications for Bitcoin ETFs.

Claims in “The Crypto Conundrum”

The Chamber of Digital Commerce shared a report on Monday that is titled “The Crypto Conundrum”. In the particular report, the Chamber of Digital Commerce has openly talked about the cryptocurrency developments taking place in the United States.

The Chamber has claimed that the United States has fallen much behind other countries that have already started offering ETF services to their locals.

Investors in other countries are already investing in cryptocurrency investment vehicles. Countries other than the United States are already offering ETF services to investors.

The most prominent and highly adopted exchange-traded funds offered in other countries are Bitcoin (BTC).

Bitcoin ETFs are on the Rise

Despite the market downfall and Bitcoin being at the center of all of it, it is adopted as the most preferred exchange-traded fund.

The residents from multiple countries are investing indirectly in Bitcoin through the BTC ETFs but the US is still far behind the rest.

The country is yet to approve the first-ever ETF for Bitcoin or any other cryptocurrency. As of now, the highest adoption rate recorded for cryptocurrencies is in the United States.

Considering the level of participation of the US locals in cryptocurrencies, the ETFs would prove to be a huge success in the country. Through ETFs, investors can make indirect investments in Bitcoin or altcoins.

Countries with Highest ETF Approval Rates

Although the United States is still waiting to approve a single ETF, multiple countries from around the world with strong economies have already launched multiple ETFs.

The countries with the highest ETF offerings include Australia, Switzerland, Sweden, Germany, and Canada.

The US SEC has listened to the Call

Up until now, the US SEC has continued rejecting ETF approval requests providing reasons such as risky assets or becoming a target for untrustworthy actors and providers.

The US SEC has recently announced that it will be launching multiple specialized offices throughout the country to expedite the approval process for ETFs.

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