SEC could approve its first Bitcoin futures ETF next week, says Bloomberg

SEC could approve its first Bitcoin futures ETF next week, says Bloomberg

SEC could approve its first Bitcoin futures ETF next week, says Bloomberg By Daily EditorBitcoin

According to people familiar with the matter told the media Bloomberg, this time the SEC could say yes to an ETF for the first time.

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We are at crucial moments for Bitcoin: with a price of over USD $ 59,000, according to data from Crypto markets, anything could skyrocket the price above USD $ 60,000 and from there to the moon or, conversely, take it down again.

A long-awaited piece of news that can really have a positive effect on the rise of the main cryptocurrency (and of all, actually) is that the United States Securities and Exchange Commission, SEC, finally say yes to the first exchange-traded fund (ETF) from Bitcoin

According to a report published by Bloomberg, based on data provided by people familiar with the subject, the SEC is poised to enable the world’s first publicly traded futures fund to Bitcoin from USA start trading at a watershed moment for the cryptocurrency industry. Already the analyst of the same medium, Mike McGlone, in September, had spoken of this possibility.

Add the new report that the regulator is not likely to prevent the products from going on the market next week, the people said to Bloomberg, who asked not to be identified while the decision is made.

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Unlike requests for ETF from Bitcoin that the regulator previously rejected, the proposals of ETF from ProShares and Invesco Ltd. are based on futures contracts and were filed under the mutual fund rules that SEC Chairman Gary Gensler has said provide “Significant protections for investors.”

An SEC spokesperson declined to comment to Bloomberg on the subject, just like a civil servant ProShares.

Long story

Barring a last minute reversal, the fund’s launch will be the culmination of a nearly decade-long campaign by the industry of ETF in United States. Advocates have sought approval ever since the exchange’s Cameron and Tyler Winklevoss Gemini, submitted the first application for an ETF of Bitcoin in 2013.

Explain Bloomberg that, for years, approval has been out of reach of issuers who, amid countless false signs of progress and outright rejections, have tried to get a variety of different structures authorized to operate. The SEC has argued in the past that the crypto space is fraught with dangers for investors. It had expressed concern that prices could be manipulated and liquidity could be insufficient, and that the drastic swings in prices of Bitcoin they may be too much for individual investors.

Additionally, the SEC has questioned whether the funds would have the information necessary to properly value cryptocurrencies or related products. There have also been questions about the validation of ownership of the coins held by the funds and the threat from hackers.

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Four ETFs of Bitcoin backed by futures could begin trading on U.S. exchanges this month, and deadlines for applications for VanEck and Valkyrie. Meanwhile, dozens of publicly traded cryptocurrency products have been launched in Canada, Brazil, and across Europe.

Sources: Bloomberg, Crypto markets, file

Translation and version of DailyBitcoin

Picture of Unsplash

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