In the latest development, the world’s biggest equity market, the NYSE, has applied with the American SEC to list Valkyrie Investments BTC traded-exchange funds (EFT). Now, the federal regulator has forty-five days to conduct a full review of the proposal and determine whether or not to give a green signal.
Previously, the investment firm had put forward an EFT that would invest in businesses dealing in digital assets or have the BTC in their balance sheets. The move comes after Valkyrie launched its trust wallet in the early days of this year.
Interestingly, the SEC has previously rejected all the EFT listing applications. However, financial experts suggest that the federal watchdog could change its stance with the prominent investment firm. A key official from the firm said,
This is something that I’ve wanted to do for five years now. It wasn’t until recently that I believed that the SEC would probably approve a bitcoin ETF. So, we started working on that in earnest probably in August.
The investment firm’s hopes are high, primarily because of the regulator’s new head, Gary Gensler. Gary has previously been a tutor of blockchain and crypto at MIT and is best known for his crypto-friendly policies. According to the SEC officials, the previous ETF rejections from the federal regulator cited a lack of liquidity.
On the other hand, crypto and financial experts suggest that Valkyrie’s decision to list its ETF in NYSE is a bold move as it is now the largest exchange, thanks to its impressive market cap of $25.6 trillion.