• Hashdex has filed a spot Bitcoin ETF application with the US SEC.
• The filing does not depend on Coinbase’s surveillance data and will acquire Bitcoin via physical exchanges on the CME market.
• U.S. Federal Reserve Chair Jerome Powell has announced that more interest rate rises may be implemented if deemed necessary.
Hashdex Files Spot Bitcoin ETF Application With the US SEC
Surprisingly, Hashdex, a cryptocurrency asset manager, has joined the U.S spot Bitcoin ETF contest and submitted a proposal to include spot Bitcoin in the Bitcoin futures ETF to the US SEC. Not relying on using Coinbase surveillance sharing agreement like other filings, it intends to hold spot Bitcoin in the ETF and acquire them from physical exchanges on the CME market through EFRP transactions instead of purchasing directly from exchanges with cash.
SEC Under Pressure
Bloomberg analyst James Seyffart pointed out that this move is likely to be approved due to increasing pressure on Gary Gensler after recent Grayscale litigation and several spot ETF filings have been made. The SEC is yet silent about these developments as experts predict Ethereum ETFs are more likely to be approved soon than Bitcoin ones due to current market trends which have caused a cryptocurrency bloodbath recently.
Highlighted Crypto News Today:
Bitcoin (BTC) struggles to maintain its price above $26K mark despite U.S Federal Reserve Chair Jerome Powell announcing that more interest rate rises may be implemented by Fed if they were deemed necessary.
The future of crypto markets remains uncertain in light of recent developments but Hashdex’s filing could provide more clarity for how cryptocurrencies are being traded in regulated markets going forward as well as offer investors opportunities for diversifying their portfolios into digital assets without facing risks associated with direct investments in them such as volatility or liquidity issues.
Imran is a diploma graduate who is passionate about digital currency and loves writing about crypto news development and updates around the world!