US SEC May Approve the First BTC Futures ETF Next Week

by in Cryptocurrency News

SEC Bitcoin ETFs

The US Securities and Exchange Commission won't block Bitcoin Futures ETFs from beginning to trade in the following week. As sources familiar with the subject told Bloomberg, the agency is likely to give a green light to the first BTC ETF product.

Related: Mike Novogratz Calls Jamie Dimon's BTC Views Sophomoric

BTC futures enable getting access to the coin without the need for holding the coin. Investors predict the future price of the asset and provide money to trade.

The SEC's Office of Investor Education and Advocacy urged investors via a tweet to study the risks and gains related to BTC futures trading.

At the end of September, U.S. SEC chair Gary Gensler said that he was not against BTC Futures trading and that they are available on the Chicago Mercantile Exchange.

Following Gensler’s announcement, ETF issuers started to file for funds tracking BTC futures actively. Among them is Cathie Wood’s ARK Invest, which applied to the SEC yesterday to invest in BTC futures contracts on commodity exchanges. For this purpose, ARK partners with 21Shares.

After today’s Bloomberg report, the BTC price has increased, surpassing $59.600. Its market cap stands at above $1 trillion and market dominance index is 45.95%.