Boutique Media & consulting group


SEC Approves BTC Futures ETF In A First For The Industry

Subsequent to years of trial and error by would-be fund sponsors, digital asset investing is ultimately opening up to the masses with the implied U.S. approval of a BTC futures ETF.

The SEC greenlighted BTC futures ETFs in a first for the industry on Friday, subsequent to the regulator’s commissioners meeting on the issue. ProShares, which filed for its BTC Strategy ETF this past summer, most probably the first to launch next week.

The Securities and Exchange Commission has, in the past, explicitly dismissed BTC ETF applications. Nevertheless, it is not required to formally accept one. Under federal law, the commission can just permit an application to become productive, instead of making a formal announcement.

An analyst at Bloomberg Intelligence, James Seyffart mentioned,

“It seems the SEC really did not like that language for whatever reason,”

he said.

“But they are following standard guidelines and allowing first to file to launch first. So we will be tracking closely how much of a first mover advantage there is here.”

Nonetheless, it is likely the SEC will only permit futures ETFs to launch this year. Gensler’s comments supporting a futures ETF suggest that he will not permit a spot market ETF to launch in the imminent future.

Leave a reply

Leave a Reply

Film News