The Commission on securities and stock exchanges of the USA (SEC) will consider the application ProShares Trust to launch exchange-traded Fund (ETF) pegged to bitcoin, 23 August or even earlier. For this application, in accordance with its own rules, the Commission can no longer delay the decision.
In contrast to the tools offered by other companies, such as VanEck and SolidX, the application ProShares Trust directed the SEC in December last year, provides for the creation of tools and Bitcoin ETF ProShares ProShares Short Bitcoin ETF, which will be based on futures contracts for bitcoin, but the cryptocurrency. I.e. the value of the ETF will depend on the value of futures traded on exchanges CME and CBOE.
However, in January, after the SEC has acted against several bitcoin ETF, arguing that their concerns related to the volatility of bitcoin, ProShares Trust withdraws decorated 19 Dec application, which if approved, would allow it to launch a Bitcoin ETF and ProShares ProShares Short Bitcoin ETF, and ProShares Bitcoin Futures/Equity Strategy ETF and the ProShares Bitcoin/Blockchain Strategy ETF.
In the same period, their applications also withdrew Direxion Shares ETF, VanEck and First Trust Advisors. Subsequently, the SEC announced that it will consider proposals to create a Bitcoin ETF, which will be based on futures contracts.
To date of the previously filed application for a Bitcoin ETF with the SEC rejected or have postponed their consideration. The last time the SEC refused, the brothers Winklevoss, founders of the exchange, Gemini. And was denied for the second time. The first time the Commission rejected the application Winklevoss, filed by the Bats exchange BZX, in the spring of 2017. However, the Bats BZX exchange has applied for review of a decision that did not change the position of the regulator.