As the US SEC continues to delay its decision to approve a BTC ETF, some US-based asset management firms seek approval outside the US SEC to get their spot BTC ETF approved.
One of such firms is Fidelity investments. A Bloomberg report revealed that the asset management firm had sent a proposal for approval on the Canadian exchange. If this proposal is approved, Fidelity will become the most prominent investment firm providing BTC-related services. The firm’s decision to seek approval outside further puts pressure on the US SEC in approving spot BTC ETF proposals pending on its desk.
Why Did Fidelity Make The Move To Canada?
It is strange that one of America’s top asset management firms is forced to seek approval outside the US to meet their clients’ requests. Many crypto analysts claim that an approved BTC spot ETF in the US would be a great success as many have been waiting for sec’s approval for a long time.
Fidelity made a move to seek approval in Canada following a survey it conducted among its large investors. The survey revealed that 75% of their large investors wouldn’t mind investing in cryptocurrency soon, and about 92% of them revealed that they intend to make their crypto investment move in the next five years. The results of this survey may also be one reason why Fidelity plans to increase its staff strength to serve its growing digital asset clientele efficiently.
Grayscale Investment Criticizes SEC
Meanwhile, grayscale investments have written a letter to the sec in which it criticized the financial watchdog for rejecting VanEck’s spot BTC ETF proposal. The top asset management firm claimed that it is unfair that the SEC rejected VanEck’s proposal, given that it had approved three similar ones previously.
Canada has been and continues to be receptive towards BTC ETFs. Approving Fidelity’s spot BTC ETF proposal would increase the spot ETF options available to investors in and outside Canada. Investors would undoubtedly be excited about the new development as it gives them another option in being exposed to BTC investment without directly trading the leading cryptocurrency.
Van Eck Chief Not Giving Up
Van Eck’s boss, Jan Van Eck, has revealed that his firm would still pursue the approval of another BTC funds investment. During an interview with the popular scoop podcast, Jan stated that “there were some positives to be derived from sec’s rejection of its spot BTC approval. For the republicans and democrats to support our proposal to the ETF shows the level of interest many people have in this fund’s investment.”
The investment fund management chief further stated that the company is already expanding its crypto-related services outside the US. Right now, the plan is to get the approval for five ETF notes, particularly wrapped tokens. While Jan expressed disappointment in some authorities’ preemption over the virtual asset space, he expressed delight that others embrace it. “The day our policymakers would genuinely be pro-innovation would be a great day for the blockchain space,” Jan concluded.