- Anthony Scaramucci’s Skybridge Capital plans to file for a spot bitcoin ETF for a second time.
- Beforehand, the funding agency’s utility was denied earlier this yr.
- The deadline for Grayscale’s spot bitcoin ETF utility determination is July sixth with a attainable authorized battle looming within the distance.
Anthony Scaramucci, the previous White Home Director of Communications, is making one other try and launch a spot bitcoin exchange-traded-fund (ETF) by way of his funding agency Skybridge Capital, in keeping with a report from Bloomberg Law.
The report indicated that Skybridge “is planning to file once more for permission to checklist a spot Bitcoin exchange-traded fund on the New York Inventory Trade.” Reportedly, we might see the submitting inside the week.
Beforehand, in March of 2021, the funding agency filed for regulatory approval with the Securities and Trade Fee (SEC) to supply a spot bitcoin ETF. Nevertheless, in January of this yr the appliance was rejected by the SEC which acknowledged the agency stating Skybridge failed to stick to expectations “designed to stop fraudulent and manipulative acts and practices,” and “to guard traders and the general public curiosity.”
Equally, Grayscale Bitcoin Belief announced its intention to transform its fund right into a spot bitcoin ETF in April of final yr. That following October, the filing was submitted to the SEC. 9 months later, the appliance course of – which on the SEC’s web site talked about a typical turnaround time of lower than two weeks – continues to be being stalled with a July sixth deadline.
In truth, Grayscale has hired one of many prime authorized minds of the Obama administration in preparation for the SEC to disclaim its utility. Nevertheless, it’s not solely these trying to provide ETFs to the market who disagree with the foot-dragging of the SEC on this matter.
Certainly, one of many SEC Commissioners Hester Pierce has additionally noted her dissent from the shortage of path being supplied by the regulatory company. Whereas she believes that the SEC nonetheless has time to show issues round, the commissioner was not shy in saying “The Fee’s resistance to a spot bitcoin ETP (exchange-traded-product) is turning into nearly legendary.”
