The United States’ Securities and Exchange Commission (SEC) is likely to allow the first Bitcoin futures exchange- traded fund (ETF) to begin trading coming week, sources told Bloomberg The move comes later close to a decade-long drive from the$6.7 trillion ETF assiduity and could be a “ watershed moment” for cryptocurrencies, the report added. Sources also said the SEC wasn’t “ probably to block the products from starting trade coming week”.
Moneycontrol couldn’t singly corroborate the report.
Specially, the SEC has preliminarily blocked Bitcoin ETF operations. SEC Chairman Gary Gensler said the current proffers from ProShares and Invesco are futures contracts grounded and filed under collective fund (MF) rules which “ give significant investor protections”, the report added The SEC and ProShares didn’t respond to Bloomberg’s queries.
Bitcoin is around$ (above Rs 45 lakh) – its loftiest since May and holds request dominance of45.86 percent. The first Bitcoin ETF was filed in 2013 by Cameron and Tyler Winklevoss, of Facebook authors’ fame Since also, “ false signs of progress and outright rejections” due to “ investor hazards, trouble from hackers and drastic price swings” have caused a reversal to the ETF assiduity’s drive for introducing crypto in the sector.
The report noted that numerous were happy when Gensler assumed post as he preliminarily expressed interest in crypto. The “ mood” the report said, shifted in August when the SEC chief said he’d “ favour finances grounded on CME- traded Bitcoin futures filed under a 1940s law”.