The SEC chairman's comments this week are causing issuers to readjust their expectations for the approval of a spot bitcoin ETF.
The SEC could use the ETF approval process to improve trading integrity on crypto exchanges, said Timothy Massad.
QR Capital's bitcoin ETF started trading on the Sao Paulo-based B3 exchange under the ticker QBTC11.
The ETF would compete with similar funds applied for by Bitwise and Valkyrie.
The ETF would track a benchmark of bitcoin futures contracts.
The ETF issuer raised eyebrows last month when it switched its ticker symbol to $BTC after an investment from digital asset manager Grayscale.
The approval comes just over two months after Canada approved its first bitcoin ETF.
The bitcoin ETP goes live in Frankfurt while regulators in D.C. consider WisdomTree’s bitcoin ETF application.
The custody bank would provide ETF basket operations, order taking, fund accounting, fund administration and transfer agency services.
Sonnenshein thinks U.S. regulators aren't ready to approve a bitcoin ETF yet.
The two companies are just the latest to file for an ETF, following in the footsteps of WisdomTree, Valkyrie, NYDIG and VanEck.
The proposed ETF would invest in companies who own bitcoin on their balance sheet, potentially serving as a proxy to the price of bitcoin.
Grayscale's competitive moat is shrinking as rival offerings attract investor money, amid speculation the SEC might be moving to approve a bitcoin ETF.
Others applying to offer a bitcoin ETF in the U.S. include NYDIG, Valkyrie and VanEck.
Earlier today, the investment manager’s parent company, Digital Currency Group, said it authorized the purchase of GBTC shares.