The head of U.S. Equities & ETPs at Nasdaq, Giang Bui, believes that the early rejection of BlackRock’s proposed spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) should not prevent its eventual success. Bui explains that early rejections are often procedural and not indicative of the product’s viability. Nasdaq is handling similar proposals from other entities such as Valkyrie Investments, and various exchanges are managing proposals from asset management firms including Ark Invest, VanEck, WisdomTree, Invesco, and Fidelity. Grayscale’s proposal to transform its existing GBTC fund into a spot Bitcoin ETF is also being considered by Nasdaq. The SEC’s decisions on these ETF applications, expected in October, will be crucial for the future of crypto ETFs in the United States. Overall, Bui’s insights shed light on the regulatory process surrounding crypto ETFs and highlight the growing interest and importance of crypto assets in traditional financial markets.

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