SEC unlikely to oppose Bitcoin Futures ETFs as approval deadlines approach
Bitcoin Futures ETFs may be coming to a stock market near you.
It's late night in America, but money never sleeps. Especially cryptocurrency! Your pal Captain Business is always awake watching the market so you don't have to, and tonight we got some very interesting Bitcoin Futures ETF news as it appears the United States Securities and Exchange Commission (SEC) will not be opposing the creation of these financial instruments. Now Bitcoin can finally be an asset backed by paper currencies on centralized, regulated markets.
Bloomberg's Katherine Greifeld, Vildana Hajric, and Benjamin Bain broke this story earlier tonight. An anonymous source told the financial media publication that "the regulator isn't likely to block the products from starting to trade next week." ProShares Bitcoin Strategy ETF is the first exchange-traded fund set to kick off this approval bonanza. There are some reputable funds backing these new ETFs, and it appears that SEC Chairman Gary Gensler is still busy working on that GameStop report. Earlier this year, Gensler stated that he was open to funds based on CME-traded Bitcoin futures filed under a law from the 1940s.
If things go well for these approvals, four Bitcoin Futures ETFs will begin trading by the end of the month. None of the funds commented on the Bloomberg story, and the SEC also remained mum on the topic. Next week is set to be an interesting one for the world's largest cryptocurrency. Bitcoin (BTC) is currently trading at $59,600.95 at the time of this article, with a market capitalization of $1.121 trillion. That's larger than all but four companies that trade on the US stock market.
It just seems kind of weird to have a cryptocurrency trade on the stock market. Perhaps this will increase liquidity for the financial product, but it now puts the decentralized currency indirectly in the jurisdiction of the SEC. While many cryptocurrency bulls are celebrating today, the long-term effects of Bitcoin Futures ETFs on the DeFi movement have yet to be seen.
What do I know anyway? I think this stuff is nerd gold. What do you think of all of this? Let us know in the Shacknews Chatty comments thread below.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
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replyCaptain Business posted a new article, SEC unlikely to oppose Bitcoin Futures ETFs as approval deadlines approach
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