Cryptocurrency: US SEC likely to allow Bitcoin futures ETF to begin trading next week

 

Crypto ETFs: The move comes after close to a decade-long push from the sector and could be a “watershed moment” for cryptocurrencies

 

Bitcoin (Image: Shutterstock)

The United States’ Securities and Exchange Commission (SEC) is likely to allow the first Bitcoin futures exchange-traded fund (ETF) to begin trading next week, sources told Bloomberg.

The move comes after close to a decade-long push from the $6.7 trillion ETF industry and could be a “watershed moment” for cryptocurrencies, the report added. Sources also said the SEC was not “likely to block the products from starting trade next week”.

Moneycontrol could not independently verify the report.

Notably, the SEC has previously blocked Bitcoin ETF applications. SEC Chairman Gary Gensler said the current proposals from ProShares and Invesco are futures contracts based and filed under mutual fund (MF) rules which “provide significant investor protections”, the report added.

The SEC and ProShares did not respond to Bloomberg’s queries.