After a summer-time surge of exchange-traded-fund-inspired exuberance, Bitcoin advocates are back to speculating whether the SEC will ever allow asset managers to offer US funds that invest directly in the largest cryptocurrency.
After this week’s deferral of applications from the likes of Fidelity and Invesco by the main US securities regulator, Bitcoin has essentially erased all of the gains registered since fund powerhouse BlackRock Inc. joined in on the race in June to try to be the first to win approval. The turnaround comes even with a favorable court decision this week that appeared to clean the path for Grayscale to convert the biggest crypto trust into an ETF.
