Bitcoin ETF

Spot

<p>The U.S. Securities and Exchange Commission (SEC) is soliciting comments from the public regarding Fidelity’s potential spot Ether exchange-traded fund (ETF).</p>
<h2 id="fidelity-s-argument">Fidelity’s argument</h2>
<p><br> According to a notice filed Thursday, Cboe BZK Exchange is looking to list and trade shares of Fidelity’s Ethereum Trust. The SEC published a notice specifically to “solicit comments on the proposed rule change from interested persons.”</p>
<p>The notice claims the lack of a spot Ethereum (ETH) fund&nbsp; “exposes U.S. investor assets to significant risk because investors that would otherwise seek crypto-asset exposure through a Spot ETH ETP are forced to find alternative exposure through generally riskier means.”</p>
<p>The filing continues that U.S. retail investors are forced to either face “the counterparty risk, legal uncertainty, technical risk, and complexity associated with accessing spot ether” or utilize over-the-counter ether funds “with high management fees and potentially volatile premiums and discounts.”</p>
<h2 id="21-days-to-comment">21 days to comment</h2>
<p><br> In particular, the SEC is looking for “written data, views and arguments” concerning the proposed rule change. Those wishing to comment have 21 days to do so.</p>
<p>The notice also lists FDAS, a New York State limited liability trust, as the selected custodian.</p>
<p>Fidelity originally filed for a spot Ethereum ETF on November 17th, just one day after multinational investment company, BlackRock filed for their spot ETF, iShares Ethereum Trust.</p>
<h2 id="the-race-for-a-spot-etf">The race for a spot ETF</h2>
<p><br> News of Fidelity’s latest venture comes a few months after federal Judge Neomi Reo <a href="https://cryptonews.com/news/brief-approval-window-opens-for-spot-bitcoin-etf-applicants-90-chance-of-approval-by-january.htm" rel="noopener noreferrer nofollow">rejected the SEC’s decision to deny crypto asset manager Grayscale Investment’s application for a spot Bitcoin ETF</a>, claiming “the Commission failed to explain its different treatment of similar products.”</p>
<p>The appeal<a href="https://cryptonews.com/news/grayscale-bitcoin-trust-discount-evaporating-and-traders-back-new-bitcoin-etf-token-with-more-than-2m-as-sellout-looms-and-sec-approval-bets-mount.htm" rel="noopener noreferrer nofollow"> has since caused a number of applicants </a>to try their hand at a spot Bitcoin ETF, including VanEck Bitcoin Trust, Invesco Gallery Bitcoin ETF, and Wise Origin Bitcoin Trust.&nbsp;</p>
<p>If approved, both spot Ethereum ETFs and spot Bitcoin ETFs could give the crypto industry the opportunity to become more mainstream in America’s greater financial system.&nbsp;</p>
<p>Data analytics firm, CryptoQuant, released data last month proposing that the approval of a spot Bitcoin ETF would <a href="https://cryptonews.com/news/crypto-market-could-grow-by-1-trillion-spot-bitcoin-etf-approvals-cryptoquant-report.htm" rel="noopener noreferrer nofollow">increase the company’s overall market capitalization by $900 billion</a>, with over $1 trillion pushed into the greater crypto market.&nbsp;</p>
<p>Bloomberg ETF research analyst, James Seyffart,<a href="https://twitter.com/JSeyff/status/1730257787593056562" rel="noopener noreferrer nofollow"> posted on X Thursday that Fidelity’s filing was “just another step in the process”</a> of the company’s application for a spot Ether ETF.&nbsp;</p>
<p>Seyfart concluded that “definitive deadline dates” are expected “in the coming weeks.”</p>

SEC Calls for Comments on Fidelity’s Spot Ether ETF Application

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