SEC Likely to Approve Bitcoin Futures ETF Next Week

After years of hostility, the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) is moving ahead to allow the first Bitcoin exchange-traded fund (ETF) in the country, Bloomberg reported on Friday.

Though the regulator is yet to make any official confirmation, the publication cited ‘people familiar with the matter’ to reveal that the SEC “isn’t likely” to block trading with such crypto products from next week.

More than a dozen companies have applied to the SEC, seeking permission to list Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETFs. However, the regulator is likely to greenlight Bitcoin futures ETFs that are filed under the existing mutual fund regulations.

Two of such Bitcoin futures ETFs seeking SEC approvals were brought in by ProShares and Invesco Ltd.

Many Hints of Approval

Additionally, the investor education account of the regulator tweeted that: “before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,” signaling the upcoming approval.

The SEC previously rejected and delayed the applications of several well-known companies seeking permission for Bitcoin ETF. The SEC Chief, Gary Gensler even called the crypto market the “wild west,” signaling more regulatory oversight on the market.

However, he later hinted at favoring crypto funds based on the CME-traded Bitcoin futures that were filed under the robust laws of the Investment Company Act of 1940.

Meanwhile, the cryptocurrency market has already reacted to the report of the possibility of the approval of a Bitcoin fund. The price of the cryptocurrency is signaling a bullish uptrend and is inching closer to the $60,000 mark.

While the US is yet to approve a Bitcoin ETF, neighboring Canada and Europe took a different approach and approved dozens of Bitcoin and other ETFs.