Until now, only Bitcoin and Ether are the cryptocurrencies present in ETF in the United States.
The new sec management is being more favorable with the cryptocurrency industry.
The United States Stock Exchange and Securities Commission (SEC) has approved the launch of a new quoted fund (ETF) cryptoactive spot. It is one proposed by the Bitwise company, which invests cash in Bitcoin (BTC) and Ethher (ETH).
The approval happened yesterday 45 days that Bitwise presented the ETF proposal before the SECa smaller time than the body is used to use the green light. In fact, this was the first deadline of the four that the agency has to issue a verdict.
“In particular, the Commission considers that the proposal is consistent with section 6 (b) (5) of the Bag Law, which requires, among other things, that the rules of the bag are designed to ‘prevent fraudulent acts and practices and manipulators ‘and,’ in general, to protect investors and public interest, ”details the SEC in the release of approval.
The decision period was shorter than the first combined ETF spot of Bitcoin and Ether that the agency approved in December. Such instruments are issued, as reported by cryptootics, by Hashdex and Franklin Templeton companies, a group to which Bitwise is now added to the new view of the SEC.
“Because Hashdex and Franklin were already approved, it made sense that this was also quickly authorized,” Point out The analyst specialized in quoted funds, James Seyffart. In this sense, The initiative does not necessarily have to change the direction of the SEC with the entry of Donald Trump to the presidency of the United States.
Next, the limits that have established these ETF proposals, together with others that continue in evaluation by the agency, can be observed.
The SEC is expected to allow the ETFs of other cryptocurrencies
“I really want to interpret this as a sign that the new SEC will be faster,” says Eric Balchunas, Seyffart colleague analyst. However, he warns that Even the agency led by Gensler would eventually approved this productdue to the combined ETF spot authorization of Bitcoin and Ether made in December.
Gary Gensler is the one who directed the SEC until the first day of Trump’s presidential mandate, who in campaign said he would say goodbye. Since then, his position was occupied by Mark Uyeda as part of the president’s strategy to make the United States into the capital of the cryptocurrency industry.
For years, Gensler prevented the launch of the Bitcoin ETF Spot, until a lawsuit forced him to authorize them just over a year ago. Half a year later, it also allowed the launch of Ether’s. However, for now, the SEC has not approved the launch of such cryptoactive products.
The ETF Spot (cash) directly invest in the asset they cover, which means purchases of this asset in the face of capital tickets, and sales before the exits. That is why their movements impact on the price, something that Bitcoin has benefited from the significant demand that this type of instruments have monopolized since its launch.
For the positive expectations of the Trump administration, A wave of Cryptactive cryptoactive ETF proposals have recently presented themselves to the SEC. Remember balchunas in this regard that the application of the Litecoin cryptocurrency (LTC) is on its way to being, the first to be approved, since it is the one that shows the most progress.
