SEC Faces Thursday Deadline To Decide On The ProShares Bitcoin ETFs
Another pair of ETF sponsored by two firms ProShares in conjunction with NYSE Arca is set to be approved or disapproved by the U.S. Securities and Exchange Commission (SEC).
Unlike this month’s earlier decision to push an approval for the Cboe’s VanEck/SolidX bitcoin ETF, this rule change proposal. The U.S. securities regulator officials are set to make a decision on the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF by Thursday, August 23.
The good thing about this ETF is that the crytpo-verse is aware of the pending deadline and that it is sponsored by a different firm other than the one we are eagerly waiting for on the 30th of September.
American attorney Jake Chervinsky explained, the ETFs are very important.
1/ In December 2017, the NYSE Arca exchange filed a proposal with the SEC to list and trade two ETFs issued by ProShares:
– ProShares Bitcoin ETF
– ProShares Bitcoin Short ETF
Both would use derivatives (futures, options, and swaps) to track bitcoin’s daily price movements.
— Jake Chervinsky (@jchervinsky) 17 August 2018
The SEC’s decision on August 23 will be final. If approved, the ETFs would give many traditional investors the ability to invest in the cryptocurrency market through Bitcoin futures contracts.
The ProShares ETF proposals were initially submitted to the SEC last December. According to the original filings, the ETF’s value will be determined by the Bitcoin futures contracts trading on the CME or the CBOE Futures exchange.
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