According to PANews, Nate Geraci, President of The ETF Store, announced on Twitter that the US Securities and Exchange Commission (SEC) has confirmed receipt of the 19b-4 application from Hashdex Nasdaq Crypto Index US ETF. This fund will hold both Bitcoin and Ethereum in spot.
Geraci's announcement indicates that the SEC is moving forward with the process of reviewing the application. The Hashdex Nasdaq Crypto Index US ETF, if approved, will be a significant development in the cryptocurrency market, as it will hold both Bitcoin and Ethereum, two of the most popular and widely traded cryptocurrencies.
The 19b-4 application is a necessary step for any entity seeking to list a new exchange-traded fund (ETF) in the United States. The SEC's confirmation of receipt of the application is the first step in a process that could lead to the approval of the ETF.
The potential approval of the Hashdex Nasdaq Crypto Index US ETF could have significant implications for the cryptocurrency market. It could provide a more accessible way for investors to gain exposure to Bitcoin and Ethereum without having to buy the cryptocurrencies directly.
However, it's important to note that the SEC's receipt of the application does not guarantee its approval. The SEC has previously rejected several applications for Bitcoin ETFs, citing concerns about market manipulation and a lack of market surveillance. The outcome of the Hashdex Nasdaq Crypto Index US ETF application remains to be seen.