When it comes to sanctioning a Bitcoin ETF in the United States, the story has always been one that has been met with skepticism. Even though from the looks of things, the interested firms want to debut the services, and the people want it, the United States Securities and Exchange Commission has always said no.
The regulator has always used his one reason for lack of transparency and market manipulation as a shield, thereby rejecting all the applied firms. But things are looking like they are set to change with the recent update in the country. The application of the much revered Fidelity Investments for its own Bitcoin ETF might ideally change the SEC’s view, leading them to say yes to the firm and birthing the first-ever Bitcoin ETF in the country.
Bitcoin would see a rise in price
Going by the recent happenings in the crypto market, the firm has officially signaled its intention to kickstart its own Bitcoin ETF. The firm has named it Wise Origin Bitcoin Trust and mentioned that it was named after Satoshi Nakamoto. If the SEC finally gives the ETF its greenlight, it would be the first-ever public listed stock. The firm has also said that they will not segregate between this new ETF and the previous ones they have launched, backed by stocks and other instruments.
It would also be a milestone achievement for Fidelity and all the crypto traders who own Bitcoin. It would further cement Bitcoin’s place as legitimate crypto and see major investments from both small-scale and large-scale businesses if it is approved. With this, the expected thing will be for the price of the digital asset to touch the moon.
Fidelity brings a new feel to its ETF filing
Meanwhile, all these are just postulations, and as previously stated, the SEC is in no mood to listen to any Bitcoin ETF launch at the moment. The firm is still not convinced over how the firms would employ to combat various things, including market manipulation. Fidelity has added a nice ring to its application as the firm plans the old method of pricing the digital asset.
According to Fidelity, it would use the price for various sport crypto exchanges such as Gemini and Kraken. Going by past events, the agency should consider he convinced about this idea that Fidelity is bringing. Also, Fidelity has used a period where the SEC chairman’s seat is empty, and another person is looking to occupy it.