The United States Securities and Exchange Commission (SEC), which is especially associated with Ripple (XRP) in the crypto market, rejects the offer to list the previously applied NYDIG Bitcoin ETF and Global x Bitcoin Trust.
The SEC’s Same Attitude
Requests to be listed are increasing, as the SEC has recently received funding requests from a large number of investment companies and exchanges. Many stock markets and investment companies are waiting for the approval of the SEC, especially by creating an ETF on the Bitcoin (BTC) exchange.
NYDIG, a subsidiary of Stone Ridge Holdings, an asset management company, announced its desire for a Bitcoin ETF in 2021. Upon this listing request, the SEC announced in January that it was postponing its decision until March and delayed this decision with many pending listing decisions.
The SEC takes this approach to ETF requests that it will generally reject and prefers to extend the decision. With many of its previous decisions, the SEC has proven this and companies are expressing their discomfort with this situation.
Crypto Adoption with ETFs
Currently, the Bitcoin (BTC) and cryptocurrencies exchange is constantly finding more and more investors. As the movement in the market increases, exchanges and investment companies apply to the SEC both in order to carry out advisory services and to be in this market with ETFs, but they do not welcome such a delayed decision.
As the adoption of Bitcoin and other cryptocurrencies increases and steps are taken to become mainstream, it is inevitable that both government regulation and traditional financial exchanges will enter the crypto sector. Although NYDIG and Global X decide to reject, many other stock exchange and investment companies will reach the SEC with new applications and aim to be a part of this sector.