Wall Street’s top regulator has been mulling applications by European asset manager CoinShares for approval of the first U.S. based spot The XRP currency is a cryptocurrency that can be used to buy and sell goods. You can also find out more about the following: Litecoin A Wednesday filing shows that exchange-traded fund are available.
Funds would be used to track the value of Litecoin (15th) and XRP (3rd largest cryptocurrency in the world by market capitalization). These assets are some of the oldest altcoins that have entered the market since Bitcoin was launched in 2009.
SEC stated in its filing that all comments were to be received within 21 calendar days following the date of publication. This is a standard procedure for fund managers seeking the regulator's approval for an ETF.
Afterwards, the regulator will decide what to do with each application. The Nasdaq submitted 19b-4 requests to the SEC last week asking for a rule change which would allow the potential ETFs listed on the stock market. The agency must approve an S-1 registration, although this is a simple formality.
CoinShares are among the most popular cryptocurrency. A number of asset management companies In their application, issuers are demonstrating that they want to meet the demand for investment products that focus on crypto.
Demand for Crypto ETFs is on the Rise
After the SEC, there is a growing demand. You can also check out our website for more information. 10 spot Bitcoin ETFsAfter more than a decade, the denials have finally been lifted. These funds allow traditional investors to purchase shares which track the value of the biggest cryptocurrency.
These ETFs are also wildly popular, having broken ETF records for the capital raised. They were backed by asset management giant Asset Management. BlackRock’s iShares Bitcoin Trust Today, the company manages assets of about $55 Billion.
SEC has other products than Bitcoin Also approved There are eight Ethereum ETFs. Under Gary Gensler’s tenure as SEC Chair, the regulator was slow to respond when asset managers requested other altcoins. But the watchdog will be much more crypto-friendly now. Trump's pick, Paul Atkins.
In Wednesday’s trading, BTC was nearing $96,000. That represents a gain greater than 2% over the previous 24 hours.
James Rubin is the editor