Cryptocurrencies

Wall Street Steps Up Crypto ETF Push as SEC Verdict Unknown

WisdomTree is latest issuer to seek approval for Bitcoin fund
Regulator’s attitude is up-in-air amid leadership change

Mining rigs mine the Ethereum and Zilliqa cryptocurrencies at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021. The world’s second-most-valuable cryptocurrency, Ethereum, rallied 75% this year, outpacing its larger rival Bitcoin.Photographer: Akos Stiller/Bloomberg

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By Claire Ballentine and Olivia Raimonde

March 16, 2021 at 8:01 AM EDT

Updated on

March 16, 2021 at 3:29 PM EDT

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Issuers across the $5.9 trillion U.S. ETF industry are racing to win approval for the first Bitcoin fund, with one big hurdle standing before them: A regulator whose position right now is anyone’s guess.

At least four firms now have live applications for an exchange-traded fund tracking the largest cryptocurrency, with WisdomTree Investments joining their ranks late last week. VanEck Associates Corp., NYDIG Asset Management and Valkyrie Digital Assets were the names already in the running.

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