The U.S. Securities and Exchange Commission (SEC) is assessing several applications for Bitcoin exchange-traded funds (ETFs) from companies like BlackRock and Fidelity. The SEC has extended its evaluation of the Ark 21Shares Bitcoin ETF proposal. Historically, the SEC has rejected spot Bitcoin ETF proposals due to concerns over market manipulation and lack of safeguards for consumers. Approval of an ETF would allow more investors to trade and hold Bitcoin without actually owning it. However, Better Markets, a consumer advocacy group, has argued against approving the ETF applications, citing insufficient surveillance-sharing arrangements and the potential for manipulation in the Bitcoin market. SEC Chair Gary Gensler has also expressed concerns about deceit and malfeasance in the industry.
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