US SEC initiates formal review of Fidelity and SkyBridge Bitcoin ETF applications

Two Bitcoin (BTC) ETF applications filed by Fidelity Investments and SkyBridge Capital are officially under review by the Securities and Exchange Commission (SEC), sparking an old debate over whether regulators will finally approve America’s first cryptocurrency-oriented ETF.

The SEC’s formal review of Fidelity Investments’ filing was documented in a filing posted on the government agency’s website on May 25. The formal review of the SkyBridge application was described in a file filed on May 21st.

Both ETF applications were submitted in mid-March. As Cointelegraph reported at the time, Anthony Scaramucci’s SkyBridge Capital has worked with investment advisor First Trust Advisors to develop a product to list stocks on the NYSE Arca.

US SEC initiates formal review of Fidelity and SkyBridge Bitcoin ETF applications
US SEC initiates formal review of Fidelity and SkyBridge Bitcoin ETF applications

The application of Fidelity describes an ETF product that tracks the daily Bitcoin price movements using its own index derived from various price feeds.

The U.S. securities regulators now have six Bitcoin ETF applications pending review. A decision on VanEck’s application is expected next month.

The SEC has not yet approved Bitcoin ETFs due to concerns about price manipulation and volatility. Proponents of a Bitcoin ETF believe that this time will be different given the increasing maturity of this asset class. A Bitcoin ETF is believed to provide easier institutional access to the digital asset market, which could be a boon to price and adoption.

North of the border, Canadian legislators have approved several Bitcoin ETFs. The Purpose Bitcoin ETF, trading under the symbol BTCC, has amassed $ 1 billion in assets under management less than two months after its inception.

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