21Shares and Ark Investment File for Spot Bitcoin ETF Approval
Author: Yana LongThe plan to introduce a spot Bitcoin ETF brings into focus the strict stance the U.S. regulators have taken on the crypto industry, with a number of enforcement actions, suits and clampdowns coming from the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission and the Department of Justice.
This is 21Shares and Ark's third attempt of registering a spot Bitcoin ETF, with an original filing in 2021 and a second application in May of 2020. While the SEC rejected their most recent proposal in January, Grayscale's attempt to convert its Bitcoin Trust into an ETF was taken to court last month.
Hany Rashwan, co-founder and CEO of 21Shares, hopes that the proposed fund will provide safeguards for U.S. investors who are looking to access crypto products. According to the Bloomberg interview, Rashwan said that the proposed fund will help bring digital assets to the wider public and increase protections for stakeholders.
With Bitcoin gaining back its momentum and growing investor appetite, 21Shares and Ark are looking to capitalize on the situation with yet another application for a spot Bitcoin ETF. If approved, this will be a positive move forward for both sides, and a great opportunity to bring Bitcoin and other digital assets to the public. However, it remains to be seen whether the regulators will approve this ETF.