The US Securities and Exchange Commission (SEC) has quietly begun considering two Bitcoin ETF proposals, public documents show. documents dated March 23, the agency has instituted formal proceedings to determine whether to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares.”

data-reactid=”23″>According to SEC documents dated March 23, the agency has instituted formal proceedings to determine whether to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. ProShares Bitcoin ETF and ProShares Short Bitcoin ETF would each hold Bitcoin futures contracts, providing retail investors with the ability to indirectly invest in the flagship cryptocurrency — or bet against it — through a familiar investment product.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether the proposed rule change should be approved or disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” the order says.

first proposed these two funds in September — before CBOE and CME had launched their Bitcoin futures products — and NYSE Arca began seeking SEC approval to list these funds in December.” data-reactid=”27″>ProShares had first proposed these two funds in September — before CBOE and CME had launched their Bitcoin futures products — and NYSE Arca began seeking SEC approval to list these funds in December.

reported, the SEC requested that fund providers withdraw their Bitcoin ETF applications and issued a statement expressing reluctance to approve these products until more investor protections are put in place.” data-reactid=”28″>However, as CCN reported, the SEC requested that fund providers withdraw their Bitcoin ETF applications and issued a statement expressing reluctance to approve these products until more investor protections are put in place. Read more from finance.yahoo.com…

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