3iQ Decides to Help US Companies to Get Approval for Spot Bitcoin ETFs

The government of the United States has been ignoring and rejecting spot Bitcoin ETF applications. The concerned regulatory agency in this matter is the Securities and Exchange Commission of the United States. The agency has come under fire from the investors about its bias in the matter. Thus far, the SEC has only allowed the listing of future ETFs for Bitcoin, citing mitigated financial risks in comparison.

Meanwhile, the northern neighbor of the US, Canada, has managed to get 3 Bitcoin spot ETFs listed last year alone. To this end, one Canadian cryptocurrency organization, 3iQ, recently plans to assist its counterparts in the USA to help them get approval for a spot ETF. The company is responsible for getting the first-ever Bitcoin fund listed in April 2020.

GrayScale also Applies for Spot Bitcoin ETF

GrayScale is the largest enterprise Trust of Bitcoin and Ethereum. The company is under severe pressure from its shareholders to covert GBTC into a spot Bitcoin ETF. However, the spot BTC application is still pending a verdict from SEC. GrayScale management has even stated that the company is planning to take SEC to court to get a ruling on the matter.

On the other hand, strong spot Bitcoin ETF applicants like VanEck also suffered from rejection by SEC recently. Under this circumstance, 3iQ president Chris Matta recently told the media that the company is looking to offer consultancy services to the spot BTC applicants in the United States. It is worth mentioning that 3iQ managed to get its first BTC ETF listed after winning a case against Ontario Securities Commission.

3iQ president Matta recently told the media that the company was able to win an opposing case from the local financial regulatory agency. He further claimed that his company has also been managing the BTC ETF for two years with glaring success. 3iQ worked for OSC listed company IFSP for two years. However, the service term came to an end when the IFSP director called Bitcoin an illiquid asset.

In 2020, 3iQ introduced an Ethereum fund. The same crypto firm worked with CoinShares to make BTCQ ETF possible. Matta claimed that his team has managed to work in tandem with the financial regulators in Canada. He also added that the success of Bitcoin spot ETFs in Canada increased the pressure on the government agencies in the United States to expedite the process.

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