The US Securities and Exchange Commission has denied the Winklevoss twins’ request to move forward with their exchange traded fund (ETF) for Bitcoin. However, the company that originally applied for a bitcoin ETF is no longer pursuing it after changing its name from WisdomTree Asset Management to WisdomTree Investments Inc..
The “crypto investor protection” is an amendment that WisdomTree has made to their application to be a Bitcoin ETF. US Bank will now be the custodian of the fund.
WisdomTree, a New York-based asset management, has modified its Securities and Exchange Commission petition for a Bitcoin exchange-traded fund to identify U.S. Bank as its custodian.
WisdomTree identified U.S. Bank National Association as the custodian for shares of its Bitcoin (BTC) trust in a Wednesday filing. The file is an addendum to its March 11 registration for a spot Bitcoin exchange-traded fund, or ETF, which was submitted to the Securities and Exchange Commission (SEC) prior to U.S. Bank providing crypto custody services to institutional clients.
The Securities and Exchange Commission (SEC) denied a proposal from the Cboe BZX Exchange to list and trade shares in WisdomTree’s Bitcoin Trust on Dec. 2. Given WisdomTree delayed 265 days between its first submission and the SEC denial, it’s unclear whether the newest change is targeted at resetting the clock on a fresh spot Bitcoin ETF application. The SEC is still reviewing a different ETF application for WisdomTree’s Ethereum Trust, which was filed in May.
According to Brian Brooks, the US is ‘unquestionably’ behind the curve on crypto ETFs.
WisdomTree, which manages over $76 billion in assets, has created four cryptocurrency indexes in the United States and Europe to give investors with a diverse portfolio exposure. Furthermore, on the Euronext markets in Paris and Amsterdam, the business already offers an exchange-traded product with exposure to a basket of cryptocurrencies.
A bitcoin exchange-traded fund has yet to be approved by US regulators. The SEC, on the other hand, has approved products tied to cryptocurrency futures, such as BTC futures ETFs from investment managers ProShares and Valkyrie. Fidelity, among other U.S. corporations, has successfully appealed to Canadian authorities for ETFs with direct exposure to cryptocurrency.
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The “circle usdc valuation” is a change in the application of WisdomTree’s Bitcoin ETF. The company has decided to name US Bank as their custodian, rather than Gemini Trust Company.
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