Today just after 4PM Eastern time the SEC finally dropped the long postponed decision regarding the proposed COIN ETF, the first Bitcoin exchange traded fund.The Bitcoin exchange traded fund, hereinafter ETF is a kind of investment vehicle that uses Bitcoin as an underlying asset.ETFs have quite a history in innovative investing including the first gold ETF (which was also the first fixed-income ETF), which took more than four years for the SEC to approve.
Rulings on the approval of Bitcoin Exchange traded funds (ETFs) are set to be disclosed in the coming months.The SEC has typically 45 days to approve a measure from the time an application is filed in the federal register.On Friday, the SEC rejected the much anticipated Winklevoss Bitcoin Trust ETF.The Winklevoss COIN ETF came first, but the SolidX ETF is insured.
Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.
These ETFs are already traded in an unregulated environment on online exchanges.
The herald of a new ETF and the positive monetary and ground-breaking prospects it brings, will certainly not go unheeded by the SEC.The Winklevoss twins have filed an update with the SEC that reveals several new facts about their ETF.
A bitcoin ETF is good for the like of big pension funds and large investment companies it gives them the regulatory protections they need to invest other peoples money.It added this decline volatility was caused by factors including: more stable and liquid spot exchanges, greater regulatory clarity, broader ownership, and increasingly reliable price discovery data.Bitcoin-backed Exchange Traded Funds are on the rise internationally.