The U.S. District of Columbia Court of Appeals will soon rule on whether the Securities and Exchange Commission (SEC) wrongly rejected an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin.
The case is being closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. They say it would allow investors to gain exposure to bitcoin, the world's largest cryptocurrency, without having to own it. The SEC, though, worries spot bitcoin ETFs will be vulnerable to manipulation.
Bitcoin futures ETFs track bitcoin futures that trade on the Chicago Mercantile Exchange , the chief venue for those products. The CME "surveils futures market conditions and price movements on a real time and ongoing basis in order to detect and prevent price distortions, including price distortions caused by manipulative efforts," the SEC has said.
The SEC, however, says Grayscale lacks data to determine whether the CME futures surveillance agreement could also detect potential manipulation in the spot markets.Both parties have 45 days to appeal the ruling, in which case it would either go to the U.S. Supreme Court or an en banc panel review. Grayscale's CEO has said he'sif the court rules in the SEC's favor. It is unclear if the SEC would do the same if the court sides with Grayscale.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Explainer: Japan's moon landing: When is it and why is it important?Japan's space agency on Monday postponed the planned launch of what it hopes will become the first Japanese spacecraft to land on the moon due to strong, high-altitude winds.
Weiterlesen »
Explainer: After Credit Suisse takeover, UBS gives first glimpse of new groupUBS will publish on Aug. 31 its first earnings report since a hastily arranged takeover of its Swiss rival Credit Suisse, shedding new light on the deal's impact and the inner workings of the new banking giant.
Weiterlesen »
Explainer: The housing shortage and why it isn’t getting solvedSome programs could ease housing burdens for hundreds or thousands of households, but Congress has only approved a miserly amount of money for them.
Weiterlesen »
Pro-XRP Attorney Explains What Could Have Helped Ripple in its Battle Against SECHere's how Ripple's case could have been more open since its start.
Weiterlesen »
US Commerce Sec. Raimondo: US-Sino stable economic relationship is profoundly importantFollowing her meeting with Chinese Commerce Minister Wang Wentao in Beijing early Monday, US Commerce Secretary Gina Raimondo said, “it is profoundly
Weiterlesen »
Cole Cubelic, Roman Harper to debut new SEC Network show ‘Read & React’SEC Network to unveil fall lineup later Monday.
Weiterlesen »