The Securities and Exchange Commission has agreed to exclude Bitcoin Futures ETFs from the upcoming deadline - Despite the fact that the deadline for filing applications with the Securities and Exchange Commission (SEC) is approaching, the US-based exchange-traded fund or ETF for Bitcoin will begin trading activities. According to commentators, this will be a watershed moment for the Bitcoin sector.
According to unnamed sources, the authorities are set to pursue item trading next week. This was surprising considering the regulator's prior rejections of Bitcoin ETF applications. It has made an exception this time, however, because investment firms ProShares and Invesco based their applications on futures contracts and presented them in accordance with all mutual fund rules. According to Gary Gensler, Chairman of the Securities and Exchange Commission, these limits can provide "substantial investor safeguards." Other SEC representatives and ProShares representatives could not be reached for comment.
Unless there is a last-minute reversal, the capital pool's much-anticipated opening will bring an end to the ETF sector's almost decade-long quest for 6.7 trillion dollars.
As part of their campaign to increase public awareness of Bitcoin and other cryptocurrencies, proponents of a Bitcoin exchange-traded fund have been aggressively pursuing authorization for the fund. Cameron and Tyler Winklevoss, the twin creators of Facebook, filed the first petition in 2013 seeking wider adoption. On the other side, the Securities and Exchange Commission has previously denied all petitions, citing investor concerns. Four Bitcoin exchange-traded funds (ETFs) permitted via futures contracts will begin trading on the US market in October, with reduced volatility.