SEC to Consider Fund Application for Bitcoin and Ether ETF
The Securities and Exchange Commission “SEC”, USA regulator, is reviewing a new application for a Bitcoin and Ether “ETF”exchange-traded fund.
It would include a portfolio of both Bitcoin and Ether. Will be active on the New York Stock Exchange “NYSE” under the “XBET” ticker.
The ETF comes courtesy of Crescent Crypto Index Services, a subsidiary of benchmarking and passive index investing firm Crescent Crypto Asset Management.
“XBET is an exchange traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges,” the filing confirms. It continues:
“Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol ‘XBET’ and will be bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.”
The SEC have to approve any form of crypto-currency ETF for the USA market.
Matters over compliance mean that rejections have come frequently since the first bid to launch the product in 2017. Although a lot of delays contributed to the already slow progress.
At the same time, regulators themselves have referedetf they are confident that at some point in the future, an ETF will satisfy all the necessary requirements, a view repeated by industry figures.