Another attempt at Bitcoin ETF..You knew it was coming once BTC raised above ATH

[OcTradism]

ETFs were too hot in the past and news about ETFs dumped the market when SEC rejected ETFs.

This year, we have first ETF and it can be a start of something big because from chart, history, fractals, the bull run does not top up. ETFs with good news, approval, trading volume can bring more new investors to the market. They will be ones who readily to buy Bitcoin at price above $66,000.

Google trend does not show a new top for Bitcoin search over the globe that is good. When it has a new top, we will see a new higher highs for Bitcoin.

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[rdbase]

As Franky1 has said in his thorough explanation a few posts ago,
In due process there will be a complete fully bitcoin backed ETF on the horizon.

To whom it will be awarded to,
That is the unknown.

[rdbase]

Santander bank in Spain is planning to launch it's own bitcoin ETF shortly after the US did.
https://cryptocurrencynewsroom.com/spain-is-preparing-for-the-launch-of-bitcoin-etf-by-banco-santander/

So it seemed to have a domino effect towards other countries to accept bitcoin as a currency.
But then the central bank steps in and wants some regulation imposed before this happens.
https://www.coindesk.com/policy/2021/11/04/spains-central-bank-requesting-financial-institutions-to-outline-crypto-plans-until-2024-report/

[rdbase]

VanEck request for a bitcoin fully backed spot ETF was rejected yet again.
But they are still going for another futures but I think there are way too many already available it would be just diluting their next offering.
https://www.coindesk.com/markets/2021/11/14/vaneck-to-launch-bitcoin-futures-etf-xbtf-next-week-after-sec-rejects-spot-offering/

[Ararbermas]

Because of that ETF for sure there's another opportunity for every scammers out there to fool alot of investors around the internet.. Indeed that's how it start always when someone starts a new way where investors can buy some coins for their investment., for me in my personal opinion i don't know if its necessarily, because bitcoin itself is very safe why need clone or what ever it's.? Lol 

[rdbase]

Because of that ETF for sure there's another opportunity for every scammers out there to fool alot of investors around the internet.. Indeed that's how it start always when someone starts a new way where investors can buy some coins for their investment., for me in my personal opinion i don't know if its necessarily, because bitcoin itself is very safe why need clone or what ever it's.? Lol  

Not possible since these are certified and distributed by the banks themselves.
Anyways, this latest rejection plus the infrastructure bill that included cryptocurrency taxation early in the week was the root cause of a massive drop in the markets, if you hadn't noticed your holdings (if you did hold any of the top cryptos) got severed by 12% off the top.
https://www.cnbc.com/2021/11/15/biden-signing-1-trillion-bipartisan-infrastructure-bill-into-law.html

Here is the main part for those who mine, buy/sell and generally hold any cryptocurrency and are in the states as all exchanges will giving their customers who reside there a tax form every year after this is set and done.

"6. President Biden to sign the bipartisan infrastructure bill⁠ into law
President Biden will sign the $1.2 trillion bipartisan infrastructure bill into law on Monday. The legislation includes tax reporting provisions that apply to digital assets like cryptocurrency and nonfungible tokens, or NFTs.
Cryptocurrency “brokers,” which are mainly exchanges, will be required to issue a 1099-like form disclosing who their customers are. Businesses and exchanges will also be required to report each time they receive over $10,000 in cryptocurrency."
source: https://www.cnbc.com/2021/11/15/crypto-news-updates-infrastructure-bill-to-be-signed-bitcoin-taproot-upgrade.html

[rdbase]

VanEck after the denial of the ETF by SEC.
https://www.forbes.com/sites/lcarrel/2021/11/19/vaneck-bounces-back-after-sec-denial-with-low-cost-bitcoin-futures-etf
They never give up do they?
What is this... their fifth ETF for the futures market in the past year?

[rdbase]

Looking to the North for approval of a bitcoin backed ETF seems to be the norm since the beginning of the year.
https://www.bloomberg.com/news/articles/2021-12-01/fidelity-to-offer-a-bitcoin-etf-in-canada-amid-sec-pushback


Although the one offered by Invesco looks to be more of a lock-in for approval since it is in Germany.
https://cointelegraph.com/news/invesco-launches-spot-bitcoin-etp-on-deutsche-borse

[Leonardo7]

I don't think an average trader thinks much of approve or unaprove ETF. Bitcoin ETF news has always been used to tension traders, but today the market cares less of any ETF just as bitcoin went higher up during the Chinese government crackdown. The Defi market alone is huge enough to keep people busy.

[rdbase]

VanEck has always been the barer of bad news when it comes to getting a stance from the SEC on ETF approval.
https://cointelegraph.com/news/vaneck-s-bitcoin-spot-etf-shunt-solidifies-sec-s-outlook-on-crypto
So maybe they should get the hint and just give up on their attempts and let another give it a try at one to be approved in the States.
I personally think Grayscale can get it done just as a snippet from this article explains:

source: https://cointelegraph.com/news/fidelity-reportedly-launching-spot-bitcoin-etf-in-canada

While the neighbours to the North had theirs approved early on Thursday morning:
https://cointelegraph.com/news/fidelity-canada-officially-launches-bitcoin-etf-and-bitcoin-mutual-fund

[TheGreatPython]

it is interesting that US keeps rejecting ETFs while the rest of the world is already celebrating the anniversary of their ETFs.

If the SEC keeps on refusing to approve such products by issuers on the grounds that it is uncomfortable due to the risk in an unregulated product like the news have said, then it’s going to be quite a problem, because no product is going to be approved. Because most, if not all, of the products are the same thing when it comes how the prices will be (they will keep on fluctuating up and down at all times or simply volatile).

So, this is going to be a really difficult thing to pull out. Maybe they should approve it and just task the projects with clearly explaining cryptocurrency investment to potential investors, so people have knowledge of what they are about to go into.

[rdbase]

it is interesting that US keeps rejecting ETFs while the rest of the world is already celebrating the anniversary of their ETFs.

If the SEC keeps on refusing to approve such products by issuers on the grounds that it is uncomfortable due to the risk in an unregulated product like the news have said, then it’s going to be quite a problem, because no product is going to be approved. Because most, if not all, of the products are the same thing when it comes how the prices will be (they will keep on fluctuating up and down at all times or simply volatile).

So, this is going to be a really difficult thing to pull out. Maybe they should approve it and just task the projects with clearly explaining cryptocurrency investment to potential investors, so people have knowledge of what they are about to go into.

The government opened the house to let crypto CEOs talk infront of them about how important cryptocurrencies were to the future of the US.
Here is the video with a brief description of what it entailed:

https://www.youtube.com/watch?v=w9jvL9HrUjw

So maybe, just maybe this will get a Bitcoin-backed spot ETF approved.

[rdbase]

Today there was over $200 billion liquidated off for bitcoin causing the dump in price not seen since October of last year.
https://www.fxempire.com/news/article/crypto-markets-turn-red-as-200-billion-exits-the-space-857594

Some say is because of the futures market of bitcoin selling off at the signs of the stock market being affected by the current downtrend.
Even corporate entities have weak hands when it comes to cryptocurrency.

[rdbase]

Looks like Grayscale Investments are taking the initiative and going to the SEC with a request on twitter for people to email them directly so to get a bitcoin spot ETF approved:
https://www.bloomberg.com/news/videos/2022-02-22/grayscale-asks-investors-to-approve-spot-bitcoin-etf-video



Last I looked yesterday they had over 200 letters to get their campaign off the ground.

https://twitter.com/Grayscale/status/1496114867799052288
https://twitter.com/Sonnenshein/status/1496182311611686912
More about it can be viewed here:
https://cointelegraph.com/news/grayscale-launches-campaign-to-encourage-public-comments-on-bitcoin-etf-application

[rdbase]

So it was not VanEck. Maybe for the next one.

https://www.coindesk.com/policy/2022/04/06/sec-approves-teucriums-bitcoin-futures-etf/

Still a huge win for cryptocurrency going on the table since the SEC are giving up on trying to go against the companies who are fighting back against them. Ripple Labs have already pretty much won their court case(s) against the securities laws imposed by the United states government.
This will be massive going forward as more companies can now start releasing theirs since the wall has been broken.

[rdbase]

Australia has their own spot ETF coming next week. But still none in the US. What gives?
They have been requesting from SEC for ages while other countries are approving BTC spots left and right.
https://cointelegraph.com/news/australia-s-first-bitcoin-etf-could-attract-1-billion-after-launch-next-week
https://blockworks.co/first-australian-spot-bitcoin-ether-etfs-to-go-live-next-week

What more would it take for them to approve one here?

[ChiBitCTy]

I think it’s inevitable that there will eventually be a Bitcoin ETF. We’ve certainly been hearing about it long enough at this point. I recently read that if it doesn’t get approved that VanEck is thinking about suing the SEC, which would be pretty interesting to see, especially as someone who hates the SEC.

[rdbase]

I think it’s inevitable that there will eventually be a Bitcoin ETF. We’ve certainly been hearing about it long enough at this point. I recently read that if it doesn’t get approved that VanEck is thinking about suing the SEC, which would be pretty interesting to see, especially as someone who hates the SEC.

The SEC have enough in the courts when it comes to cryptocurrencies.
They still haven't finished the case with ripple labs yet so I doubt they want another big name in crypto wanting to sue them.
But with VanEck wanting to go down this route in filing, what makes them think this will expedite the process.
It will more likely hinder their efforts not bring any forward progress to giving them what they want.
But it certainly is strange how governing bodies in Canada and now in Australia have not impeded these Bitcoin spot ETFs in their countries as much where the SEC makes these rules in the US.

[barbara44]

It has been going on for a long time, we have been waiting for proper Bitcoin ETF for a long time and I believe that even if it happens, it will not be a huge deal, it will not be a "now we will be 100k+ easily!!" type of bull run. It is good, it will eventually happen one day and make us all happy, but it is really not a big deal at all.

We are already in crypto itself, we are already buying bitcoin and people are not worried about it too much. Just adding an ETF version of the same thing can't be really that much of a big deal, and those people will not be actually holding their coins, they would be paying someone to hold imaginary versions.

[rdbase]

I think it’s inevitable that there will eventually be a Bitcoin ETF. We’ve certainly been hearing about it long enough at this point. I recently read that if it doesn’t get approved that VanEck is thinking about suing the SEC, which would be pretty interesting to see, especially as someone who hates the SEC.

Over a year later it is in the courts and Grayscale's case against the SEC ruling was put infront of the court with a judge possibly siding against the SEC from the recent occurrences of them dropping the ball on many other cryptocurrency lawsuits put into play.

source: https://cryptoslate.com/judges-question-secs-logic-during-grayscales-first-appeals-hearing

https://cointelegraph.com/news/judges-hear-oral-arguments-in-grayscale-suit-against-sec-over-btc-spot-etf-rejection
https://www.reuters.com/legal/court-set-hear-arguments-grayscales-lawsuit-against-sec-over-bitcoin-fund-2023-03-07

From all these articles it looks to be close to having an approval of a spot ETF even without SEC it being over ruled in the courts.
https://blockworks.co/news/grayscale-appears-to-win-opening-sec