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SEC Begins Review Of SkyBridge And Fidelity Bitcoin ETF Proposals

The US Securities and Exchange Commission (SEC) has officially started reviewing Bitcoin exchange-traded fund (ETF) proposals submitted by SkyBridge and Fidelity.

The US SEC has officially begun reviewing the Bitcoin ETF proposals submitted by Fidelity’s Wise Origin Bitcoin Trust and the First Trust SkyBridge. The regulatory agency now has less than two months to give its verdict, or it can extend the review period to give it more time to consider the proposal.

The regulatory body documented the formal review of Fidelity Investments’ application on May 25 while it started looking at SkyBridge’s proposal a few days earlier. The two ETFs were submitted in March and are hoping to be the first Bitcoin ETFs to be approved in the United States.

Anthony Scaramucci’s SkyBridge Capital partnered with investment adviser First Trust Advisors to launch the Bitcoin ETF that seeks to list its shares on the New York Stock Exchange Arca. Fidelity, on its part, said its Bitcoin ETF will track the cryptocurrency’s daily price movements with the help of a proprietary index derived from several price feeds.

The US SEC is currently reviewing three Bitcoin ETFs, including the VanEck application. The regulatory agency still has six more Bitcoin ETF proposals to go through and two Ether ETFs. VanEck filed for an Ether ETF with the regulatory agency earlier this month, and it was followed by a similar proposal by WisdomTree a few hours ago.

The regulatory body has yet to approve a single cryptocurrency ETF proposal, citing numerous concerns, including volatility and price manipulation. Canada has already approved a few Bitcoin and Ether ETFs, and they have gained adoption from institutional investors from various parts of the world. Analysts and experts believe the US SEC could approve a Bitcoin ETF soon as the crypto market has grown to be a $2 trillion sector.

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