On Monday, the Securities and Exchange Commission (SEC) acknowledged the recipient of the spot Bitcoin exchange-traded fund (ETF) filing from Valkyrie, an investment management firm based in Nashville. The submission came days after the SEC accepted the application of Bitcoin ETF from the world’s largest asset manager, BlackRock.
After receiving the application, the SEC revealed plans to proceed with reviewing the document. In this phase, the SEC will examine whether Valkyrie’s proposal meets the requirements and upholds compliance.
Valkyrie Resubmits Spot Bitcoin ETF to SEC
Initially, the asset management company proposed introducing a spot Bitcoin ETF on its services. On June 21, the Valkyrie team resubmitted the Bitcoin ETF filing to the SEC.
Soon after submission, the asset management firm announced the Bitcoin ETF would enable Valkyrie to provide the user with the most convenient platform for buying crypto assets.In 2021 Valkyrie submitted its proposal to the SEC, targeting to introduce crypto assets in their portfolios.
After passing the 21-day review process, the SEC rejected Valkyrie’s proposal.Subsequently, other firms in the financial sector replicated Valkyrie’s move to introduce crypto to their product. The race to dominate the growing financial industry motivated Valkyrie to revise and resubmit the proposal to the SEC.
In early July, the investment company resubmitted the document seeking the Valkyrie Bitcoin fund to be listed on Nasdaq under the ticker symbol “BRRR.” According to the Valkyrie report, the symbol mimics the sound of printing money.
The application will undergo further review involving comments from the private and public sector . In the review phase, the SEC will examine the impact of Valkyrie Bitcoin Funds on the financial sector. The market regulators will also evaluate the risk to the customers and the investors if the spot Bitcoin ETF is approved.
Significance of Bitcoin ETF to Financial Markets
Guided by the regulatory process, the review process obliges the SEC to extensively research the consequence of Bitcoin ETF on the economy. Ideally, the comment period will will take 21 days fromthe filing day.
After the review process, the SEC will examine whether the applicant fulfills the requirement. In most cases, the SEC has been requesting firms seeking Bitcoin ETF approval to provide additional information. In fact, after rejecting BlackRock’s submission, the SEC demanded the asset manager to provide a surveillance-sharing partner. In the amended application, the BlackRock team identified Coinbase as a co-applicant for contentious market surveillance.
However, if the SEC approves BlackRock or Valkyrie Bitcoin ETF application, the firm will be officially allowed to provide investors with a pooled investment security.
Typically, Valkyrie, BlackRock, Fidelity, Invesco and others are seek to improve the issuance of Bitcoin and exposure of crypto to the financial sector. Even though Bitcoin ETF products are still available in the traditional markets, the SEC seeks to address the compliance risk. This has forced the SEC to adopt strict regulations to mitigate the impact of Bitcoin ETF on the financial market.
Editorial credit: Beneath Blue / Shutterstock.com
The post SEC Accepts Valkyrie Bitcoin ETF Filing for Review first appeared on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/sec-accepts-valkyrie-bitcoin-etf-filing-for-review/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment