Citadel Securities, led by billionaire Ken Griffin, is awaiting regulatory approval for inclusion in crypto ETFs. Kelly Brennan, head of the company’s ETF, said the Wall Street firm is awaiting regulatory approval to launch such a product.
Bitcoin advocates have been wanting to launch a spot Bitcoin ETF for years. The Winklevoss twins made such an attempt for the first time in 2013.
However, the SEC has so far refrained from approving a spot Bitcoin ETF, citing concerns about market manipulation. The regulator rejected applications from several leading companies such as Fidelity and SkyBridge Capital.
Although the SEC approved several futures Bitcoin ETFs over the past year, they haven’t seen much demand.
Grayscale is currently in contact with the SEC to convert its fund into an ETF. Griffin admitted he was wrong after criticizing the crypto industry in the past.