ProShares Bitcoin Futures ETF to Start NYSE Trading on Tuesday: Report
The Unites States Security and Exchange Commission has allowed ProShares Bitcoin ETF permission to start beginning trading in NYSE on Tuesday. This has been the biggest breakthrough for ProShares up till now. The company will launch its bitcoin futures exchange-traded fund (ETF) tomorrow claimed by the New York Times.
The SEC has finally given the green signal about the launch of ETF funds. ProShares filed for its Bitcoin Strategy ETF this past summer. The fund is linked to bitcoin futures traded on the Chicago Mercantile Exchange. The trend where U.S Security and Exchange Commission is bulldozing multiple bitcoin ETF’s, the Chair Gary Gensler previous said pretty clearly that funds linked to the futures market would win approval and finally the U.S SEC has approved the ProShares Bitcoin futures ETF.
On the other hand, the CEO of ProShares, Michael Sapir said that 2021 will be remembered as the year of multi landmark feats for the crypto industry. He said that the approval of bitcoin future ETF will gains the trust of those who are skeptical of investing in the trade which is unregulated and highly volatile. But the current decision would revive the integrity of the crypto market he further said.
Its been decade since financial investors and crypto developers start fighting for the crypto legitimacy. But all of their previous efforts were ignored or rejected by the U.S security and exchange commission. As of this writing, there are multiple ETFS funds still waiting for the approval by the U.S Securities and Exchange Commission.
Moreover, Douglas Yones, the head of exchange products in his recent interview with Deal Book said that this is by far the best that happened in the favor of crypto industry, but this is just the beginning. There is multiple projects which are similar in the nature but waiting for the approval. On the other hand, crypto experts have labelled the development as the historical development for the crypto industry. This would not just strengthen the legal standing of the crypto currency, but it would also encourage the biggest financial investors and financial firms to invest in the crypto market.
Moreover, there are hopes that trading the digital currency on the New York Stock Exchange will open the infinite opportunities for those crypto currencies and funds which are willing to take the permission from the regulatory authorities. However, this success has pushed Bitcoin to the one of the world’s biggest trading platform. Now it is expected that Bitcoin would finally be able to retain its price. Rather than being treated as the volatile nature of currency Bitcoin can now become the most stable crypto currency. This is by far the biggest milestone for the bitcoin and bitcoin developers.
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Text source: Coinfrog
