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Mike Venuto, Toroso Investments

Second bitcoin ETF knocked back by the SEC


The US regulatory body, the SEC, has knocked back a second attempt to list a bitcoin ETF in the US. Last week saw Winklevoss Capital’s proposed COIN ETF on the Bats BZX Exchange turned down as the SEC deemed that the significant markets for bitcoin are unregulated.

A similar fate has hit Solid X which had attempted to list an ETF on the New York Stock Exchange.

A third ETF remains on the books - Grayscale has applied but using a different route – the Jumpstart Our Business Startups Act of 2012 (the ‘JOBS Act’).
Mike Venuto (pictured), co-founder and CIO of Toroso Investments comments that Grayscale appears to be asking for something logical and innovative that could change the ETF landscape.

“Essentially, anyone could use this process or precedent to launch any asset that gains mass appeal as an “emerging company trust” than convert to this new ETF structure.”

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