What exactly will the ETFs holds? Bitcoin? Or Derivatives?
> What exactly will the ETFs holds? Bitcoin?
BlackRock said its Bitcoin ETF would be backed by actual Bitcoins in custody at Coinbase (a HN unicorn btw).
SEC has not approved Bitcoin ETFs [fixed]
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Re: SEC has not approved Bitcoin ETFs [fixed]
#22How do I make sure that my 401k has zero exposure to this?
Do nothing, as it was a hack, not a legitimate SEC ruling.
Re: SEC has not approved Bitcoin ETFs [fixed]
#23> 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?
The sec.gov site has no press release about the approval.
Re: SEC has not approved Bitcoin ETFs [fixed]
#24Btc crashing because this will probably lower the odds of approval. this is why tech stocks are so much better . no need to have to worry about these shenanigans. The SEC cannot approve when there is so much fraud.
The fake news problem has gotten so bad on twitter. total shitshow. sub 30k soon on delay, imho
Re: SEC has not approved Bitcoin ETFs [fixed]
#25What exactly will the ETFs holds? Bitcoin? Or Derivatives?
Nothing, as it isn’t an actual thing (see above).
Re: SEC has not approved Bitcoin ETFs [fixed]
#26Why would someone buy this vs. just holding the Bitcoin? ETFs are interesting when 1. they bundle multiple securities together to diversify or 2. they are backed by an asset (like gold and barrels of oil) that is physically difficult for an individual to hold. Is this just for people who can't figure out how to open an account at a Bitcoin exchange?
Re: SEC has not approved Bitcoin ETFs [fixed]
#27> 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
womp womp. floor falling out. fraud means more delays probably
Re: SEC has not approved Bitcoin ETFs [fixed]
#28How do I make sure that my 401k has zero exposure to this?
Most 401ks let you choose the funds to invest in.
Re: SEC has not approved Bitcoin ETFs [fixed]
#29From tweet: Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.
(The above tweet was posted to the compromised account by an unauthorized third party, and has been denied as valid by the SEC.)
Re: SEC has not approved Bitcoin ETFs [fixed]
#30As 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. B…
This announcement is not valid, which may allay your surprise somewhat (see above).