24 Sep Bitcoin ETFs Keep Trying, Despite Regulators’ Rejections
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Bitcoin enthusiasts trying to launch funds that would bring the cryptocurrency to small investors have been rebuffed at least 10 times by Wall Street’s top regulator.
That hasn’t stopped them. There’s at least one application for a bitcoin exchange-traded fund still pending with the Securities and Exchange Commission, and more are planned, like one from cryptocurrency asset manager Bitwise Asset Management.
Why keep pushing? History shows that the first fund to market has a huge advantage over later entrants, so firms are jockeying to keep their place in line in case regulators change their minds.
There is, of course, no shortage of opinions about what the SEC should do and what it will do. One central question concerns the basis of any SEC decision on cryptocurrency ETFs: Does the commission need to determine that cryptocurrencies are a worthwhile investment for individual investors, or should it be enough for fund firms to provide clear warnings about the…
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