Canada approves first bitcoin ETF, raising hopes that the US SEC will soon follow
- Canada's financial regulator approved the first publicly traded bitcoin
ETFin North America.
- The Purpose
Bitcoin ETFwill trade on the Toronto stock exchange.
- It raises hopes that the US SEC will follow in Canada's footsteps.
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Canada's financial regulator approved the first publicly traded bitcoin ETF in North America, according to records published Thursday.
The ETF announcement raises hopes that the US Securities and Exchange commission could be one step closer to approving a US bitcoin ETF. Several firms have filed and failed to gain approval for a bitcoin ETF in the past, with the SEC typically citing security concerns."It's another step towards an ETF being authorized in the US," Sui Chung, CEO of CF Benchmarks told Insider.
While the Canadian bitcoin ETF is a "significant" move forward that demonstrates how regulators in North America have gotten more familiar with the crypto landscape, it's unclear how quickly the US will follow suit, especially given the differences between Canadian and US financial regulations, Chung added.Despite pushback from the SEC, demand for bitcoin-based investments has soared during bitcoin's 2021 rally. The Grayscale Bitcoin Trust that follows bitcoin has gained 272% in the last twelve months. It's similar to an ETF but it's physically backed by bitcoin. Read more: One of Wall Street's most popular self-defense strategies failed during the coronavirus meltdown. Ex-Bridgewater advisor Damien Bisserier was among the few who made it work, and he told us how he did it.
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