• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Bitcoin News / A new application for a crypto-based ETF is in SEC’s hands (again)
crypto ETF

A new application for a crypto-based ETF is in SEC’s hands (again)

May 13, 2019 by Naveed Iqbal

Having the U.S. Securities Exchange Commission (SEC) approve a cryptocurrency-based exchange traded fund (ETF) has become something of a holy grail for many crypto analysts over the last few years. Many believe that having SEC’s approval would finally give the crypto verse a seal of respectability and credibility from a regulatory agency that it’s lacked so far. It would also ease the way in for institutional investors.

Consequently, many applications have been sent to SEC so far and they’ve all been denied.

SEC’s resistance on the matter hasn’t dissuaded analysts and businesses of the value that an ETF would have for the cryptosphere as a whole and, more particularly, to the company that manages to pull the trick off first, which is why there are new projects and new applications to approve them.

The latest one was filed on May 9th, just a few days ago. So it’s now in possession of SEC. The new prospective ETF is sponsored by the United States Commodity Funds LLC (USCF).

The application’s creator is Crescent Crypto Index Services LLC, and it holds the ticket “XBET.” The company is a subsidiary of Crescent Crypto Asset Management LLC, and it’s a data collection firm that keeps the record of the market performance of Bitcoin and Ether according to market capitalization-weight.

The proposal

The application declares XBET to be an exchange-traded fund (ETF). That means that any investor interested in buying or selling shares in XBET will trade using their broker of choice. And that, in turn, means there will be commissions and charges, which is how brokers make their living.

XBET shares will trade on the NYSE Arca as “XBET.” In fact, they will be traded in the same way in which investors bid or ask for any standard publicly traded security.

USCF is a commodity pool operator. It’s under the Commodity Futures Trading Commission authority as well as the National Futures Association under the Commodity Exchange Act.

There’s competition, of course

So now XBET is on the list of ETF proposals under review by the SEC.

Two other Bitcoin ETFs are waiting for SEC to make a decision. One was filed by Bitwise Asset Management with NYSE Arca. The other one came from vanEck, SolidX and Cboe BZX Exchange. An announcement regarding those two was expected for last March, but it was postponed.

Which will be the first lucky project to become the U.S.’ first digital assets ETF? We don’t know, of course. So far, neither does the SEC. But sooner or later a project will come that will meet SEC’s regulatory requirements, and there’s no reason to believe that one of those three propositions currently under review couldn’t be it. At least non that we know.

It will be a game of patience for all those involved. SEC has been dragging its feet on crypto-related matters in such a way that, while many believed that it would hamper the cryptosphere’s development by trying to interfere too much, the opposite has been exact. It’s been keeping the cryptocurrency market from reaching its true potential by doing nothing and failing to make the appropriate (and often needed) regulatory decisions on time.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Filed Under: Bitcoin News Tagged With: Bitcoin ETF, Cryptocurrencies

Primary Sidebar

Recent Posts

  • OKX CMO’s Bold Bitcoin Proposals Receive Surprising Support In Public Vote March 24, 2023
  • Bitcoin’s Value Debate: Diversification Vs. Long-Term Hold Amidst Uncertainty  March 24, 2023
  • Cardano Trading Pair Delisted Citing Low Trading Volume March 23, 2023
  • Ripple CTO Slams SEC’s Coinbase Crackdown: Incompetence Or Insider Protection? March 23, 2023
  • TRON’s Justin Sun Posts Cryptic Tweet After SEC’s Lawsuit March 23, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.