• Hashdex has filed a proposal to include spot Bitcoin in the Bitcoin futures ETF to the US SEC.
• Surprisingly, they will not use Coinbase surveillance sharing agreement but acquire spot Bitcoin via physical exchanges on the CME market.
• U.S SEC is under pressure from recent filings of several spot ETFs and Gary Gensler’s Grayscale litigation.
Hashdex Files Spot Bitcoin ETF Application With US SEC
Cryptocurrency asset manager Hashdex has joined the U.S spot Bitcoin ETF contest by submitting a proposal to include spot Bitcoin in the Bitcoin futures ETF to the US SEC through NYSE Arca’s 19b-4 filing. Surprisingly, instead of using Coinbase surveillance sharing agreement like other recently filed Bitcoin ETFs, they will acquire spot bitcoin via physical exchanges on the CME market.
SEC Under Pressure
James Seyffart, a Bloomberg analyst pointed out that this filing does not depend on a partnership with Coinbase to provide surveillance data and instead wants to solely engage in EFRP transactions where futures contracts are exchanged for comparable spot exposure as opposed to purchasing directly from exchanges with cash. Furthermore, he believes that due to Gary Gensler’s Grayscale litigation and recent filings of several spot ETFs, the US SEC is more likely to approve this proposal. So far, however, there has been no word from them about these applications yet and experts have voiced Ethereum ETFs being more likely approved than Bitcoin ones this year.
Bitcoin Struggles To Maintain Price Above $26K Mark
The crypto market is still recovering from its bloodbath and U.S Federal Reserve Chair Jerome Powell announced yesterday that further interest rate rises may be implemented if needed- putting more pressure on BTC which is struggling to maintain its price above $26K mark currently.
Highlighted Crypto News Today
Top cryptocurrencies such as Bitcoin and Ethereum find themselves entrenched in a challenging period marked by a prevailing bearish trend that has also cast a shadow over XRP prices as it continues facing strong headwinds from bulls vs bears struggle amidst volatility .
Hashdex’s proposal for including Spot bitcoin in their bitcoin futures ETF offers an interesting alternative for SEC approval compared to other recently submitted applications that were dependent on Coinbase surveillance sharing agreements instead of engaging solely in EFRP transactions for acquiring physical bitcoins . The crypto market remains uncertain even after Powell’s interest rate announcement while top cryptos fight against bearish trends for recovery while XRP faces strong headwinds from bulls vs bears clash amidst volatility