The Commission on securities and exchange Commission (SEC) by Thursday, August 23, will make the decision regarding listing is tied to a bitcoin futures exchange-traded funds from ProShares. It is reported by CoinDesk.
The SEC will consider applications for listing on the new York stock exchange (NYSE) funds ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. The basis of these funds will be traded on CBOE or the CME futures contracts for bitcoin. Thus, it is assumed that the new ETF will be based on financial derivatives and not the asset itself.
The first application to launch exchange-traded funds ProShares filed in September 2017. However, the company then recognized that the derivatives market for bitcoin is still too young. Filed with the SEC the application even stated: “it is impossible to provide assurance that active trading bitcoin futures will develop or be maintained”.
However, this spring it became known that the SEC began considering proposals to launch a Bitcoin ETF and ProShares ProShares Short Bitcoin ETF.
It is worth noting that to date, the us financial regulator only rejected or postponed applications launch a bitcoin ETF. For example, in July, was a second time rejected the request of the brothers Cameron and Tyler Winklevoss to the opening is bound to a bitcoin exchange-traded Fund Global BATS Exchange (BZX). In early August, the SEC extended until 30 September the deadline for a decision to launch a bitcoin ETF filed jointly by the new York companies VanEck and SolidX. Solution SEC had a negative impact on the course of the first cryptocurrency and market dynamics in General.
In the cryptocurrency community, a lay considerable hopes for the bitcoin ETF, because we are convinced that new funds will significantly enliven the market due to the influx of institutional money. However, there are also skeptics who believe that in the foreseeable future the SEC will continue to reject similar applications.
In particular, this is the opinion of the managing Director of Digital Asset Investment Management Brian Coursen. According to him, the SEC does not approve the bitcoin ETF due to the “concern Department manipulations on their underlying markets”.
“So far in this respect nothing has changed for the better. It is difficult to prove that bitcoin markets are robust to manipulation”, he said.
We will remind, recently the bitcoin Evangelist Andreas Antonopoulos expressed the opinion that bitcoin ETF is “a terrible idea” because such funds may trigger a wave of manipulation in the cryptocurrency market.
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