SEC registrants seek DeFi and physically-backed Bitcoin ETF approval

SEC registrants seek DeFi and physically-backed Bitcoin ETF approval

Two registration statements were filed by two US-based crypto companies with the Securities and Exchange Commission (SEC), seeking permission to trade exchange-traded funds. They sought permission to sell ETFs in relation to Bitcoin and decentralized finance (DeFi)

Invesco, an Atlanta-based investment firm, joined New York’s Galaxy Digital Funds in filing and registering Invesco Galaxy Bitcoin ETF, a trust with physical protected private keys. Amplify ETFs, a Illinois-based company, filed the second registration to add DeFi-centric open-end EFT funds to the Amplify ETF Trust.

The Invesco Galaxy Bitcoin Exchange Tradeable Fund (ETF) will be approved by the SEC and registered as a securities offering. It can also be listed on U.S. national exchanges. According to the filing, the trust will employ “robust physical barriers of entry, electronic surveillance, and continuously roving patriots” to protect Bitcoin private key.

The approval by the SEC for Amplify ETFs FORM N-1A filing by the SEC will permit the company to issue unlimited shares to American investors. This is Galaxy’s second application for Bitcoin ETF registration, the approval of which will be in October.

Cointelegraph has yet to hear back from Amplify ETFs and Invesco ETFs.

Related: SEC Chair Doubles Down, Tells Crypto Firms to “Come in and Talk to Us”

Gary Gensler (US SEC Chairman) has been pushing crypto-related businesses to register with authorities. Gensler requested that crypto-related businesses “come in to talk to us” on September 14th, citing probabilities of legal standing on a case by case basis.

Gensler shared the same sentiments in August and sought a strong crypto regulatory regime to increase investor protection across “crypto financing, issuance trading or lending”. More recently, he asked for clarity regarding the stablecoin ecosystem. He stated that the stablecoins are the poker chips at the casino gaming table.

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