The SEC has received 52 letters from the public regarding the spot Bitcoin ETF.
The US Securities and Exchange Commission (SEC) has received 52 letters from the public about spot Bitcoin ETFs. The intense arrival of the letters to the SEC was interpreted as the reflection of the event in the public.
SEC flooded with letters from the public regarding spot Bitcoin ETF interest
The Securities and Exchange Commission (SEC) has received a total of 52 letters from the public about suggested spot Bitcoin ETFs. These letters were sent by a group of people from different professions, including a musician, a former cricketer, an urban planner, a mechanic and a physicist.
The SEC is receiving letters from these different characters who are participating in the public comment process for eight applications for spot Bitcoin ETFs currently under review. Approving many of the previous filings, the SEC has also made public comments on proposed funds from major asset managers such as BlackRock, Fidelity, VanEck, and Invesco.
This prospect of spot Bitcoin funds has created excitement, leading to a 20 percent rally in Bitcoin price after BlackRock’s application. However, SEC Chairman Gary Gensler reiterated his concerns about fraud and manipulation in the industry, noting that caution should be exercised about all investments.
The SEC received a total of 52 letters, most of them supporting the proposed funds, as well as some expressing skepticism about the process. Now the SEC will consider an initial 45-day period to decide on proposals, but it may be possible to delay this period, as was the case with an earlier request from Ark Invest and 21Shares.
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