The SEC has previously rejected all applications to launch a Bitcoin-ETF crypto fund focused on the BTC spot price because of the risks of asset value manipulation, according to the regulator.
However, Congressmen Tom Emmer and Darren Soto have previously urged the SEC not to delay and speed up the legalization of the new product.
ARK Invest founder Kathy Wood also believes a spot Bitcoin ETF is needed in the US market so that institutional investors get another tool to test the capabilities of the largest digital currency.
ARK Invest’s application to launch such a product was previously rejected by the SEC, like all other similar applications. Nevertheless, Kathy Wood has announced her foundation would soon submit a new application for consideration by the US regulator.
