The U.S. SEC postpones a decision on Global X Bitcoin Trust’s spot ETF, expressing concerns about market manipulation and seeking public input. The delay sparks continued uncertainty in the evolving spot bitcoin ETF landscape.
The U.S. Securities and Exchange Commission (SEC) has deferred its verdict on the Global X Bitcoin Trust’s spot bitcoin ETF application.
Filed by Cboe BZX Exchange, the proposal aims to broaden bitcoin’s investor base. The SEC cites the need for further analysis on the ETF’s alignment with the Securities Exchange Act. Key concerns include BTC market liquidity, transparency, and susceptibility to manipulation. The SEC invites public input on the proposal’s merit and addresses queries on the market’s resistance to manipulation.
The review focuses on the exchange’s statements, the trust’s structure, and its unique “in-kind” transactions. The delay doesn’t signify disapproval, as the SEC actively seeks comments during a 35-day window before revisiting the Global X filing.