SEC likely to allow Bitcoin futures ETF to trade next week: Reports

The long wait for a Bitcoin (BTC)-Exchange-Traded Fund (ETF) could be over soon. This is according to sources reported by financial media giant Bloomberg.

Long-awaited Bitcoin exchange-traded product

Bloomberg has reported that the US Securities and Exchange Commission is ready to approve the first Bitcoin futures on exchange-traded funds in the country. The anonymous sources said the following about this:

“The regulator is unlikely to prevent the products from trading next week.”

A futures product is likely to be the first to be approved. This is because it is rated more favorably by the regulators. Futures are managed by the Chicago Mercantile Exchange (CME) and require investors to place bets on fiat money (such as the € or the $) and then trade them.

Positive consequences for Bitcoin price

Eric Balchunas, senior ETF analyst at Bloomberg, is confident that the ProShares Bitcoin Strategy ETF could be the first to be launched. Since the decision deadline is October 18. He announces this in a Tweet. The Invesco Bitcoin Strategy ETF can be approved the following day.