• 24/07/2024 02:20

Major US banks ask SEC to allow them to trade spot Bitcoin ETF

The largest U.S. banks are lobbying the U.S. Securities and Exchange Commission (SEC) to revise its cryptocurrency asset guidelines to include banks as custodians of Bitcoin exchange-traded funds (ETFs). FinTech Insider writes about this with a link to a letter to SEC Chairman Gary Gensler.

The largest US banks are asking the SEC to allow them to trade spot Bitcoin ETFs

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< p>As noted in the letter, the recent approval of spot Bitcoin ETFs did not include permission for banks to provide custodial services.

“The Commission recently approved 11 spot Bitcoin ETFs allowing investors to access this asset class through a regulated product. “It is noteworthy that the approved products do not include banking organizations acting as custodians of assets, a role they regularly perform for most other exchange-traded products,” the letter said.

The letter asked the SEC to make changes to the rules, which contain recommendations for storing cryptocurrency assets.


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