The topic of the Bitcoin ETF approval was at the center of attention last year, when many hoped that possibly approving this product by the US Securities and Exchange Commission could help reverse the drastic bear market that came after a fall in prices at the beginning of the year.
However, the SEC did not approve any application in 2018, and the most recent filing by CBOE in collaboration with VanEck and SolidX was withdrawn by the application's own initiators because they did not want to risk rejecting the then US shutdown caused by the dispute between Donald Trump and Mexico's Fence Financing Congress. USA.
At present, the SEC has several requests for ETF approval on the table. The most popular ones are from Bitwise Asset Management and again from CBOE + SolidX + VanEck, who have submitted a new application. The main obstacle to approving the first cryptocurrency ETF in the United States, at least according to the SEC, is the fear that the Bitcoin price is easy to handle.
The new application is on the table
Crescent Crypto Asset Management has submitted the latest cryptocurrency ETF approval, which includes not only Bitcoin but also Ethereum. The portfolio that would include the ETF of the two most valuable cryptocurrency today would be called "XBET" and would be traded on the New York Stock Exchange (NYSE) which incidentally belongs to the ICE conglomerate (ICE also owns Bakkt, which plans to launch real BTC futures trading note. Ed.).
"XBET is a stock exchange fund." This means that the majority of investors who choose to buy or sell XBET's shares enter their business orders through their brokers and can usually get brokerage commissions and fees. XBET's shares are expected to be traded on the NYSE Arca under the "XBET" symbol and will be purchased and sold throughout the trading day at bid and demand prices, as personal public negotiable securities, "explained the SEC's request.
Any approval of Bitcoin ETF may contribute to the growth of Bitcoin price. However, according to experts, the likelihood that we will see it this year is still small.
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