By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
8
Notification Show More
Videos
Crypto’s resilience faces new test amid Middle East tensions and new legislation
1 hour ago
Videos
Tesla Opened A Diner In LA — Here’s What It’s Like
2 hours ago
Videos
Meta’s Scale AI deal, Adobe earnings, Microsoft’s record high: Analyst weighs in
1 day ago
Videos
Why Even High Earners Are Living Paycheck To Paycheck
1 day ago
News
Empire State Realty Trust, Inc. (ESRT) Q2 2025 Earnings Call Transcript
1 day ago
Videos
Stocks slide as Middle East tensions rise, energy shares gain, crypto portfolio tips
2 days ago
Videos
Why 3D printed houses are on the rise
2 days ago
News
Crown Castle Inc. 2025 Q2 – Results – Earnings Call Presentation (NYSE:CCI)
2 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Crypto > Key Recommendations from US GAO to SEC on Spot Bitcoin ETF
Crypto

Key Recommendations from US GAO to SEC on Spot Bitcoin ETF

News Room
Last updated: 2024/01/17 at 2:50 PM
By News Room
Share
4 Min Read
SHARE

Last updated:

January 17, 2024 01:17 EST

| 2 min read

Source: AdobeStock

The landmark announcement of a spot Bitcoin exchange-traded fund (ETF) approval has significantly impacted the financial landscape.

While the market sentiment has been predominantly positive, a recent revelation shows that the US Government Accountability Office (GAO) had a few recommendations prior to the green light from the Securities and Exchange Commission (SEC).

According to a document published on December 15, 2023, and released on January 16, 2024, the US GAO made some key suggestions the SEC should implement to ensure effective regulatory control.

One of the recommendations required the top security agency to prepare a new workforce planning strategy that aligns with its preset strategic and performance goals for 2022 to 2026.

The non-government arm stated that this workforce planning initiative should be executed through the office of the Chief Human Capital Officer.

US GAO Recommendations to SEC Prior to Spot Bitcoin ETF Approval Revealed ↗ pic.twitter.com/rEzUzHbHvA

— AirdropAdventure 🏞 (@airdropadver) January 17, 2024

In addition, the US GAO proposed that the SEC mandate the Director of the Strategic Hub for Innovation and Financial Technology to document its policies and procedures that support its internal control measures.

Furthermore, the independent audit institution urged the SEC to ensure that the director formulates key performance goals and measures aimed at fostering a smooth regulatory atmosphere for the burgeoning industry.

So far, all three recommendations are marked ‘Open,’ indicating that none has been implemented since the introduction of a spot Bitcoin ETF on January 10.

Providing context for its findings, the GAO team highlighted several discoveries. Notably, it observed that the US SEC has actively recruited talent with expertise in blockchain-based digital assets.

The audit institution stated that the agency has 116 staff members working in the crypto space so far.

Despite this, the GAO noted a lack of a new workforce planning strategy to optimize their performance. It also discovered that the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) was responsible for coordinating the SEC oversight of emerging technology.

However, it noted a lack of documented policies, procedures, and performance goals, hindering its fulfillment of its role as a stand-alone department.

Nevertheless, the GAO acknowledged that the SEC has introduced new supervisory technology tools, including advanced data analytics and other techniques, to aid in both detecting and investigating potential illicit activities in the evolving financial space.

Jump on Spot Bitcoin ETF, Close Futures


After a protracted battle, the US SEC officially approved a spot Bitcoin ETF on January 10, 2024.

In its official release, the securities agency confirmed that it has authorized the launch of spot Bitcoin ETF services by various entities, including BlackRock, WisdomTree, VanEck, Ark 21Shares, Fidelity, Invesco Galaxy, Valkyrie, Grayscale, Bitwise, Hashdex, and Franklin Templeton.

VanEck has since decided to go all in on its spot Bitcoin ETF services. According to a post on X (formerly Twitter), the asset management firm announced the closure of its Bitcoin futures ETF following its successful spot Bitcoin ETF bid.

Now that our spot bitcoin ETF has been approved, we are closing our ETF that invested in bitcoin futures. https://t.co/pgf8NaKb4a

— VanEck (@vaneck_us) January 17, 2024

Explaining the decision to shut down its futures arm, VanEck cited low demand as a determinant.



Read the full article here

News Room January 17, 2024 January 17, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Crypto’s resilience faces new test amid Middle East tensions and new legislation

Watch full video on YouTube

Tesla Opened A Diner In LA — Here’s What It’s Like

Watch full video on YouTube

Meta’s Scale AI deal, Adobe earnings, Microsoft’s record high: Analyst weighs in

Watch full video on YouTube

Why Even High Earners Are Living Paycheck To Paycheck

Watch full video on YouTube

Empire State Realty Trust, Inc. (ESRT) Q2 2025 Earnings Call Transcript

Empire State Realty Trust, Inc. (NYSE:ESRT) Q2 2025 Earnings Conference Call July…

- Advertisement -
Ad imageAd image

You Might Also Like

Crypto

'Fundamental Shift' in Traditional Bitcoin Market Cycle May Be on the Horizon

By News Room
Crypto

FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?

By News Room
Crypto

Mastercard Launches “Crypto Credential” To Replace Wallet Addresses With Usernames

By News Room
Crypto

Polygon Executive Pivots Roles To Developing ZK Proof Tech

By News Room
Crypto

Altcoin Interest Driving South Korean Crypto Craze – Report

By News Room
Crypto

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

By News Room
Crypto

BitGo’s $100M Suit Against Galaxy Gets Green Light from Delaware Supreme Court

By News Room
Crypto

Here Are Your Top Crypto Gainers Today on DEXScreener

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?