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SEC Begins Review of a Third Bitcoin ETF Application

The SEC has announced that is now reviewing a Bitcoin ETF application from a company named Kryptoin Investment Advisors.

This represents one of the nine applications for an exchange-traded fund for Bitcoin, according to Decrypt.co, three of which are now under evaluation. The other two are from VanEck and WisdomTree.

Kyptoin was created in 2016 with the clear goal of creating a Bitcoin ETF although the SEC hasn’t approved any as of now. The company’s CEO is Jason Toussaint, who was previously involved with gold investments.

This latest application represents an amendment to the first time Kryptoin applied for a Bitcoin ETF in 2019.

As of now, Bitcoin trusts are the closest thing to ETFs, as they are really similar – some say they are actually the same thing. The best known of them all is the Grayscale Bitcoin Trust (GBTC) of Grayscale Investments.

Countries such as Brazil and Canada have already approved their own Bitcoin ETFs in recent months, which has made investors positive that the SEC’s new chairman, Gary Gensler, known for being a crypto supporter, may also approve one in the close future.

Active proposals from NYDIG, Skybridge Capital, and Fidelity, are currently pending review.

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