The SEC’s reception of Hashdex’s application marks a crucial milestone toward potentially approving an ETF combining Bitcoin and Ethereum, with profound implications for the crypto market.
Despite previous rejections, recent approval of spot Bitcoin and Ethereum ETFs signals a favorable shift in regulatory attitudes towards future crypto ETPs. As reported on Binance News, the US Securities and Exchange Commission (SEC) has officially acknowledged receiving Hashdex Nasdaq Crypto Index US ETF’s 19b-4 application, first announced by Nate Geraci, President of The ETF Store, on his X account. Adding to this, community members, including Collin Brown, expressed anticipation, noting the inclusion of spot Bitcoin and Ethereum, and anticipate an SEC decision by early March 2025.
Nate Geraci confirms the SEC’s receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF, which includes spot Bitcoin and Ethereum. The decision from the SEC is expected by early March 2025. Exciting times ahead! … pic.twitter.com/XbEqf1mgNm — Collin Brown (@CollinBrownXRP) July 2, 2024
Furthermore, detailed in today’s CNF YouTube video, Geraci’s announcement indicates the SEC’s progressing review of the application. If approved, this would constitute a significant development in the cryptocurrency market, particularly for Bitcoin and Ethereum.
While the SEC’s receipt of the application does not assure its approval, past rejections of Bitcoin ETF applications by the SEC underscore concerns about market manipulation and inadequate surveillance, factors pertinent to the outcome of the Hashdex Nasdaq Crypto Index US ETF application.
As highlighted by Nate Geraci, the ETF will be overseen by Hashdex and managed by Tidal ETF Services LLC, with custody agreements entrusted to Coinbase Custody Trust Company and Bitcoin Trust. This filing mirrors a broader trend, following the SEC’s recent endorsement of spot Bitcoin and Ethereum ETFs, potentially paving the way for other crypto Exchange-Traded Products (ETPs).
Echoing a previous CNF report, the market currently exhibits mixed signals, with Bitcoin showing a decline in value while Ethereum maintains a modest upward trajectory. According to today’s CoinMarketCap data, Bitcoin (BTC) trades at $62,583.44, marking a 3.09% increase over the past week, as illustrated in the accompanying price chart.
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