WisdomTree, the $87 billion AUM firm based in New York, has recently applied for a Bitcoin exchange-traded fund (ETF) after facing previous denials. Despite the challenges, there is a sense of optimism surrounding the possibility of approval for this latest application.
In an interview with CNBC’s Bob Pisani, Jeremy Schwartz, the Head of Corporate Communications and Public Relations at WisdomTree Global, highlighted the importance of data sharing in the eyes of the SEC. This critical aspect is currently undergoing thorough examination as part of the company’s renewed pursuit of a spot for a Bitcoin ETF.
The firm’s move to reapply for a Bitcoin ETF reflects their commitment to navigating the regulatory landscape and adapting to the evolving market demands.
He also highlighted that recent spot Bitcoin ETF filings are all trying to get the SEC to feel more at ease by having exchanges enter into data sharing and surveillance agreements to prevent price manipulation.
The Securities and Exchange Commission (SEC), the regulatory body responsible for overseeing ETFs in the United States, declined WisdomTree’s application for a Bitcoin ETF spot in both 2021 and 2022.
The U.S. Securities and Exchange Commission (SEC) has rejected all spot cryptocurrency ETFs to date but has, however, approved crypto futures ETFs. Schwartz attributed this to data sharing and surveillance agreements, which he believes is one of the key points to having the SEC approve WisdomTree’s application along with other firms like Bitwise, BlackRock and the likes for the Bitcoin ETF spot.
As the cryptocurrency ecosystem continues to mature, WisdomTree aims to position itself at the forefront of facilitating investors’ access to digital assets through a regulated and transparent investment vehicle.
With the potential approval of the Bitcoin ETF, WisdomTree could play a significant role in bridging the gap between traditional finance and the world of cryptocurrencies, offering investors new avenues to participate in this emerging asset class.
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