U.S. SEC ready to launch Bitcoin futures exchange fund

- The Securities and Exchange Commission is ready to allow the first U.S. Bitcoin futures exchange traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter.

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What is the Front Line of the U.S.? The regulator isn t likely to block the products from starting to trade next week, said the people, who asked not to be named while discussing the decision. Unlike bitcoin ETF applications that the regulator has previously rejected, the proposals by ProShares and Invesco Ltd. are based on futures contracts and were filed under mutual fund rules that SEC Chairman Gary Gensler has said provide significant investor protections to investors. A spokesperson for the SEC declined to comment, as did an official at ProShares.

Barring a last-minute reversal, the fund launch will be the culmination of a nearly decade-long campaign by the $6.7 trillion ETF industry. Aproval has been out of the grasp of issuers who, amid myriad false signs of progress and outright rejections, tried to get a variety of different structures cleared for trading. Over the years there have been plans to invest in funds that proposed to hold Bitcoin via a digital vault or could use leverage to secure returns. Others sought to mitigate Bitcoin's perceived volatility, a key point of contention for the SEC.

Bitcoin has jumped more than $58,800, the highest since May. In April, the largest cryptocurrency in market value reached a record high of $64,869.

The SEC has argued that crypto is plagued with investor hazards in the past. The SEC expressed concern that prices could be manipulated and liquidity could be insufficient, and that Bitcoin s dramatic price swings may be too much for individual investors. Bitcoin s last three full-year returns were a 74% loss followed by gains of 95% and 305%. Additionally, the SEC has questioned whether funds would have the information necessary to adequately value cryptocurrency or related products. Is there also a question about security of the assets held by funds and an email from hackers that confirm the ownership of the coins held in blockchain?

Many crypto advocates were enthralled when Gensler took over the helm at the cryptocurrency agency. They cited his previous interest in the crypto world - he once taught a class at MIT Sloan School of Management called Blockchain and Money. The chairman has also signaled in recent months referred to the space as the Wild West and has also indicated that he wants more robust oversight of the markets.

The mood appeared to shift in August, when Gensler signaled he would favor funds based on CME-traded Bitcoin options filed under 1940 s law. He reiterated this stance late in last month.

That s led to a wave of futures filings and unbridled optimism among investors that approval could be imminent. The speculation has fueled a torrential rebound in the price of Bitcoin, which jumped to its highest level since May this week. Since July 2017, cryptocurrency AX has doubled since breaking below $30000 in July.

Four futures-backed Bitcoin ETFs could begin trading on U.S. exchanges this month, with deadlines for applications from VanEck and Valkyrie also approaching. Meanwhile, dozens of cryptocurrency exchange-traded products have been launched in Canada and across Europe. Valkyrie declined to comment.

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