Invesco, an investment management company with assets under management of $1.4 trillion, has reapplied for a spot bitcoin exchange-traded fund (ETF).
Invesco's initial application was made in 2021, in partnership with Galaxy Digital. The company had also filed for a bitcoin futures ETF but withdrew the application in October 2021 after ProShares received approval and started operating.
Now, Invesco claims that its lack of a spot bitcoin ETF has led its users to alternative platforms such as FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
The company emphasizes the importance of investor protection, stating that the need is for a regulated market, rather than self-regulation within the spot bitcoin market.
BlackRock (BLK) recently expressed a similar view, suggesting that Nasdaq could be suitable for this role.
Graeme Moore, the Tokenization Lead at the Polymesh Association, previously stated in an interview, "The SEC is very concerned about market manipulation around bitcoin prices, and they highlight that in almost all of their rejections. It's because the SEC sees exchanges like Coinbase as unregulated and therefore unreliable in preventing 'manipulative acts and practices'."
Invesco is not the only company affected by rejection decisions. For example, GrayScale filed a lawsuit against the SEC due to the rejection of its bitcoin spot ETF. GrayScale CEO Michael Sonnenshein mentioned during a Consensus conference speech that they expect a decision by September.
#BinanceTournament #googleai #KeepPosting #cryptocurrency #KeepParticipating