The Winklevoss Twins of Facebook fame are still working on bringing out the first ever Bitcoin ETF. They have hired the lady known as Spider Woman, Kathleen Moriarty. Moriarty worked on the very first ETF back in 1993 and has a treasure trove of experience.
The Economic Times wrote:
Kathleen Moriarty is the lawyer attempting to shepherd the Winklevoss brothers’ plan to roll out the first ETF that invests in bitcoins through the US SEC Tyler and Cameron Winklevoss are fighting for approval from regulators for their proposed bitcoin exchange-traded fund. They stand a chance because Spiderwoman is on the case.
So nicknamed for her work on State Street Corp’s “Spider,” the first ETF when it came to market in 1993, Kathleen Moriarty is the lawyer attempting to shepherd the Winklevoss Bitcoin Trust through the US Securities and Exchange Commission. The twins, famous for their dispute with Facebook founder Mark Zuckerberg, aim to roll out the first ETF that invests in a virtual asset, an idea that has its skeptics.
“She brings instant credibility to a lessthan-credible investment product,” Todd Rosenbluth, director of mutual fund and ETF research at S&P Capital IQ.
Moriarty declined to say exactly where the Bitcoin Trust stands with regulators beyond indicating the SEC staff is still reviewing and commenting on the proposal.
For any ETF, she said, the SEC first seeks to determine how to categorize its underlying assets, whether they are securities, a commodity , a currency or something else.
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