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SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report.

The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter.

The report came several hours after the SEC said in a tweet through its investor education account that “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

Bitcoin futures ETFs are different from Bitcoin ETFs in that they are based on futures contracts and are filed under mutual fund rules. 

The SEC Chair Gary Gensler recently expressed interest in reviewing applications for a bitcoin ETF tied to futures under the Investment Company Act of 1940.

But in those comments, he took out any mention of spot products filed under the Securities Act of 1933, according to The Block’s previous report.

Meanwhile, the SEC has pushed back the deadlines for four Bitcoin spot ETF applications to November and December.

Shortly after the news, the price of BTC has jumped by over $2,000, reaching over $59,000 as of press time.

theblockcrypto

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