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- 📢 SEC delays decision on 7 spot Bitcoin ETF applications
And this news raises the following questions 🧐
📌 What’s Bitcoin ETF?
📌 Why Bitcoin ETF is important?
📌 History of Bitcoin ETF
Let’s take a look closer to Bitcoin ETF and its history so far 👇
💎 What’s Bitcoin ETF?
An ETF is a type of fund traded on stock exchanges, much like a share. A Bitcoin ETF is a financial instrument that tracks the price of Bitcoin and trades on traditional stock exchanges, much like shares of a company.
🔎 Why Bitcoin ETF is important?
The importance of an ETF for $BTC lies in offering institutional and individual investors broader access to this digital asset. This, in turn, can help in facilitating wider acceptance of Bitcoin in mainstream financial markets.
⏰ History of Bitcoin ETF
📍July 2013: Cameron and Tyler Winklevoss submit the first filing for a Bitcoin ETF, the Winklevoss Bitcoin Trust. At this time, Bitcoin was trading at just $90.
📍June 2018: The SEC rejects the Winklevoss twins' second Bitcoin ETF proposal.
📍August 2018: The SEC, in a single day, denies nine Bitcoin ETF proposals. SEC Chairman at the time, Jay Clayton, explained the basis for these denials, citing "lack of rules and oversight against manipulative tactics in cryptocurrency exchanges, risks in cryptocurrency storage, and the immaturity of Bitcoin futures markets."
📍October 2019: The SEC rejects Bitwise's Bitcoin ETF proposal.
📍February 2020: Wilshire Phoenix becomes the final project of this period to have its Bitcoin ETF application denied by the SEC.
**📍**September 2020: The world's first Bitcoin ETF is listed on the Bermuda Stock Exchange.
**📍**December 2020: VanEck submits its latest proposal for a Bitcoin ETF, having withdrawn its previous proposals several times ahead of formal rejection.
**📍**February 2021: Canada introduces its first Bitcoin ETF, the Purpose Bitcoin ETF (BTCC). Within the same month, two more Bitcoin ETFs were approved: the Evolve Bitcoin ETF (EBIT) and the CI Galaxy Bitcoin ETF (BTCX).
**📍**August 2021: Following a series of Bitcoin fund denials by the SEC, Gary Gensler, who succeeded Clayton as SEC Chairman, provides clarity on assessing Bitcoin ETFs during his speech at the Aspen Security Forum.
**📍**October 2021: The first U.S.-listed Bitcoin ETF, the ProShares Bitcoin Strategy ETF (BITO), launches.
**📍**June 2023: The SEC approves the 2x Bitcoin Strategy ETF (BITX) from Volatility Shares and the first Leveraged Bitcoin Futures ETF.
**📍**August 2023: London-based Jacobi Asset Management releases Europe's inaugural Bitcoin ETF.
**📍**August 2023: Grayscale succeeds in its lawsuit against the SEC to convert its Bitcoin Trust into an ETF.
**📍**August 2023: The SEC postpones the spot Bitcoin ETF decision for all applicants, including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets.
📝 Conclusion
The journey of Bitcoin ETFs, as seen from the timeline, is a testament to the evolving relationship between cryptocurrencies and traditional financial systems.
As the crypto landscape continues to evolve, the future of Bitcoin ETFs will undoubtedly play a pivotal role in bridging the gap between traditional finance and the burgeoning world of digital assets.
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