[deleted]
SEC has not approved Bitcoin ETFs [fixed]
11–20 of 518 posts
Re: SEC has not approved Bitcoin ETFs [fixed]
#12As someone completely out of the loop what was preventing ETFs from including Bitcoin? Is there some regulation about what types of assets can or cannot be part of an ETF? Can I go make an ETF for magic the gathering cards? How about restaurant reservations or taylor swift tickets?
Blatant market manipulation was preventing the ETFs. Then a court ruled that since the SEC mistakenly approved Bitcoin future ETFs they also have to double down and approve Bitcoin spot ETFs.
Re: SEC has not approved Bitcoin ETFs [fixed]
#13> The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
Re: SEC has not approved Bitcoin ETFs [fixed]
#14As someone completely out of the loop what was preventing ETFs from including Bitcoin? Is there some regulation about what types of assets can or cannot be part of an ETF? Can I go make an ETF for magic the gathering cards? How about restaurant reservations or taylor swift tickets?
Each ETF needs to be approved by the SEC. You are welcome to submit an application for your restaurant reservations.
Historically the SEC has refused these grants for Bitcoin ETFs on the basis that the underlying asset does not have well-established spot markets and credit mechanisms. See for example [1].
Greyscale finally sued the SEC for applying arbitrary and capricious standards, and prevailed in federal court. But even so the SEC has not approved spot bitcoin ETFs (that is, ETFs that "physically" hold Bitcoin) but had only given guidance for cash-settled Bitcoin tracking ETFs. That makes this announcement a very unexpected surprise.
[1] https://www.sec.gov/rules/other/2018/34-83723.pdf
EDIT: And it does in fact appear that this is too good to be true. Looks like there was a brief spike up to $48k from the $46k baseline so somebody made out nicely on this little scam. Also goes to evidence that Bitcoin markets might be a bit too sensitive to manipulation to be suitable for inclusion in an ETF.
Re: SEC has not approved Bitcoin ETFs [fixed]
#15How do I make sure that my 401k has zero exposure to this?
Invest in a standard index fund (like S&P500, etc)
Re: SEC has not approved Bitcoin ETFs [fixed]
#16As someone completely out of the loop what was preventing ETFs from including Bitcoin? Is there some regulation about what types of assets can or cannot be part of an ETF? Can I go make an ETF for magic the gathering cards? How about restaurant reservations or taylor swift tickets?
Since they're exchange traded it's the SEC in the US (or other regulators in other countries) who decide if an ETF is approved or not. If you can convince them that magic the gathering cards are traded in a market that's sufficiently compliant with their regulations, I don't see why not. Maybe if BlackRock & co were really into MTG card trading, they'd be more compelled to approve. Seems to have helped Bitcoin because it many have filed and all were rejected until those big name asset managers got in ;)
Re: SEC has not approved Bitcoin ETFs [fixed]
#17> The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. https://twitter.com/GaryGensler/status/1744833049064288387
Amazing.
Re: SEC has not approved Bitcoin ETFs [fixed]
#18> The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. https://twitter.com/GaryGensler/status/1744833049064288387
Lmao, can admins update the title to reflect this or remove the listing altogether?
SEC twitter getting hacked is the last of scenarios I'd expect
Re: SEC has not approved Bitcoin ETFs [fixed]
#19> The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. https://twitter.com/GaryGensler/status/1744833049064288387
Maybe @SECGov wasn't compromised, but instead @GaryGensler was?
Re: SEC has not approved Bitcoin ETFs [fixed]
#20As someone completely out of the loop what was preventing ETFs from including Bitcoin? Is there some regulation about what types of assets can or cannot be part of an ETF? Can I go make an ETF for magic the gathering cards? How about restaurant reservations or taylor swift tickets?
Blatant market manipulation was preventing the ETFs. Then a court ruled that since the SEC mistakenly approved Bitcoin future ETFs they also have to double down and approve Bitcoin spot ETFs.
Their Twitter account was compromised, no doubt in service of blatant market manipulation; they have not approved Bitcoin spot ETFs.