• Hashdex has filed an application to the US SEC for a spot Bitcoin ETF.
• The ETF will acquire spot Bitcoin via physical exchanges on the CME market instead of using the Coinbase surveillance sharing agreement.
• Analyst James Seyffart thinks the SEC is under pressure to approve this due to recent events such as Grayscale’s litigation and other filings of spot ETFs.
Hashdex Files Spot Bitcoin ETF Application With US SEC
Hashdex, a cryptocurrency asset manager, has submitted a proposal with NYSE Arca’s 19b-4 filing to include spot Bitcoin in its Bitcoin futures ETF. Unlike other filings, Hashdex will not use the Coinbase surveillance sharing agreement but rather acquire spot bitcoin exposure through physical exchanges on the CME market.
Why Is The US SEC Under Pressure?
Analysts believe that the US Sec is more likely to approve this proposal due to pressure from Gary Gensler after recent events such as Grayscale’s litigation and other filings of spot ETFs. Furthermore, Bloomberg experts have previously stated that Ethereum ETF’s are more likely to be approved before any Bitcoin ETF’s this year.
Current Crypto Market Conditions
The crypto market is currently recovering from a bearish trend which has also caused XRP (a prominent altcoin) prices to drop significantly. Additionally, U.S Federal Reserve Chair Jerome Powell recently noted that if necessary more interest rate rises would be implemented by the Fed in order to restore financial stability in markets.
What Will Happen Next?
It remains unclear what decision the SEC will make regarding Hashdex’s application as they have yet to comment publicly on it or any of the recent spot ETF filings. As such it is difficult for analysts to predict accurately how either outcome might affect crypto markets going forward.
In conclusion, Hashdex’s filing may provide some insight into how closely regulators are monitoring crypto markets and whether or not they will decide in favor of approving applications like these in future – only time will tell!