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New Bitcoin and Ethereum ETF Application under consideration by SEC.

A new application for a cryptocurrency exchange-traded fund (ETF) is reportedly under review by the Securities and Exchange Commission (SEC) after it was filed. The ETF that was filed was created by Crescent Crypto Index Services LLC a subsidiary of a renowned firm, Crescent Crypto Asset Management LLC. The intent of this ETF is to monitor the market capitalization-weighted portfolio of bitcoin (BTC) and ether (ETH) in terms of their performance. The news of the documents being reviewed was posted by the SEC on May 9.

The ETF has been dubbed USCF Crescent Crypto Index Fund (“XBET” ticker) and would be included in a portfolio of both bitcoin (BTC) and ether (ETH) and be active on the New York Stock Exchange (NYSE)

The posted prospectus reads: “XBET is a fund traded by the exchange. 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. 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 the bid and ask prices like other publicly traded securities.”

Although the SEC has not approved any form of cryptocurrency ETF for the U.S. market yet, XBET adds to the list of crypto ETFs being reviewed by the SEC currently. USCF is, however, a subject of a commodity pool operator that comes under the regulatory oversight of the Commodity Futures Trading Commission and the National Futures Association under the Commodity Exchange Act (“CEA”), as filing information has it.

If the ETF proposal will satisfy the standards set by the regulator as speculated that it would, it may just be a matter of time before approval. There have been prior ETF proposals as stated earlier from as far back as 2017, some approvals have been postponed, but this time might just be a turn of events.

 

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Credits - Daniel Palmer

 

Anita O.

Lover of tech and blockchain.

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