According to sources from financial media giant Bloomberg, the long wait for the product to be sold on the bitcoin exchange could soon be over.
Citing “people familiar with the matter,” Bloomberg reports that the US Securities and Exchange Commission is preparing to approve the country’s first fund to trade bitcoin futures.
Anonymous sources said:
“It is unlikely that the regulator will obstruct the trading of products next week.”
The future product is likely to be approved first as regulators look at it better. Futures contracts are regulated by the Chicago Mercantile Exchange (CME) and require investors to deposit money on margin in order to trade them.
Eric Balchonas, chief analyst at Bloomberg, is convinced that the ProShares Bitcoin ETF strategy may be the first to launch as the decision deadline is October 18th.
In a tweet on October 15, the analyst said, “So much has been done. We look forward to launching next week, “before adding,” The odds are over 90% right now, IMO. ”
SEC President Gary Gensler expressed a preference for CME-based bitcoin futures funds deposited under 1940s law, further increasing the likelihood of long-term approval.
Related Topics: SEC Chairman Gary Gensler is actually a bitcoin supporter, says Volt Equity CEO.
On October 14, Cointelegraph reported that Ark Invest has teamed up with 21Shares to unveil an ETF that will trade bitcoin futures, noting that they are also confident that product approval is imminent.
The VanEck and Valkyrie ETF filing deadlines are also approaching October 25, so a large number of stock exchange filings could be in the coming weeks.
Monday October 18th could be a big day for Bitcoin prices as markets flourished in anticipation of this historic event. According to CoinGecko, at the time of writing, BTC has just surged to $ 59,600 and then declined slightly.