Galaxy Digital from crypto bull Mike Novogratz attempts another Bitcoin ETF proposal to the SEC, this time it’s for a futures-only.
The first was in April under the Securities Act of 1933. This time around, the firm will try under the Securities Act of 1940. Galaxy intends to release a Bitcoin futures-only exchange-traded-fund. To this, Balchunas called the filing “Gensler-ready”.
Gary Gensler, however, proves to be a stickler when it comes to the pile of ETF applications on his desk. Earlier this summer a failed applicant of a Bitcoin ETF guessed SEC approval is years away. He highlighted Gensler’s more pressing priorities. Lately, the SEC Chairman has been active in the bipartisan Senate bill, which sparked concern in the crypto community.
Many within the crypto community feel the SEC treats the crypto community with double standards regarding the ETF matter. Some cite the traditional market’s susceptibility to volatility and manipulation. In addition, there are concerns that a delay in a Bitcoin ETF from the SEC could be harmful.
When it comes to market speculation, Mike Novogratz, the crypto bull behind Galaxy Digital, is crypto-positive. At the end of last year Novogratz hoped regulators would embrace crypto and forego damaging regulations to the industry. This latest filing from one of his financial firms comes at no surprise.
However, Novogratz isn’t the only hopeful. Earlier this month Grayscale announced the expansion of their crypto ETF team. The investment firm said it’s 100% committed to their conversion. The day after that announcement, European regulators approved a Bitcoin ETF by a French fund.
As the U.S. rushes to secure regulations in the crypto space, investors and developers have all eyes on the SEC. If regulations squash innovation and official push away Bitcoin ETF the country will hinder growth decentralized space.
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