Little-known Brazilian asset manager believes it can assuage SEC concerns around risk of manipulation
email rounding up the latestA little-known Brazilian asset manager has come up with a novel solution that might see it elbow in front of much larger rivals such as BlackRock and Ark to gain approval for the first US spot bitcoin exchange traded fund.attempts to assuage the Securities and Exchange Commission’s concerns around the risk of manipulation in the spot bitcoin market.
The SEC is still reviewing the filings, leaving the industry guessing as to whether or not it will permit any spot bitcoin ETFs, a structure it has objected to on the grounds that bitcoin is traded on unregulated exchanges that may potentially be susceptible to manipulation or fraud. As such, “any attempt to manipulate the price of the fund would require influencing the futures curve on the CME market”, a market the SEC is happy to let underpin pricing for the existing quartet of bitcoin futures ETFs, the filing said.
However, the grantor trusts and commodity pools created under the 1933 Act are permitted to invest in commodities, hence ETFs such as SPDR Gold Shares are structured under this format.
Danmark Seneste Nyt, Danmark Overskrifter
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