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October 15, 2021 10:00 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/_X4TSzrmOKs/sec-said-to-allow-bitcoin-futures-etfs-as-deadline-looms
SEC Said To Allow Bitcoin Futures ETFs As Deadline Looms
The Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter. Bloomberg reports: The regulator isn't likely to block the products from starting to trade next week, said the people, who asked not to be named while discussing the decision. Unlike Bitcoin ETF applications that the regulator has previously rejected, the proposals by ProShares and Invesco Ltd. are based on futures contracts and were filed under mutual fund rules that SEC Chairman Gary Gensler has said provide "significant investor protections." Barring a last-minute reversal, the fund launch will be the culmination of a nearly decade-long campaign by the $6.7 trillion ETF industry. Advocates have sought approval as a confirmation of mainstream acceptance of cryptocurrencies since Cameron and Tyler Winklevoss, the twins best known for their part in the history of Facebook Inc., filed the first application for a Bitcoin ETF in 2013. Approval has for years been out of the grasp of issuers who, amid myriad false signs of progress and outright rejections, have tried to get a variety of different structures cleared for trading. Over the years, there have been plans for funds that proposed to hold Bitcoin via a digital vault or that could use leverage to juice returns. Others sought to mitigate Bitcoin's famous volatility, a key point of contention for the SEC. [...] Four futures-backed Bitcoin ETFs could begin trading on U.S. exchanges this month, with deadlines for applications from VanEck and Valkyrie also approaching. Meanwhile, dozens of cryptocurrency exchange-traded products have launched in Canada and across Europe.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/_X4TSzrmOKs/sec-said-to-allow-bitcoin-futures-etfs-as-deadline-looms
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