US regulatory body approves Bitcoin Futures Fund (XBTO) of Valkyrie
The US Securities body green signaled for the Bitcoin futures ETFs application of Valkyrie Investments.
The US Securities and Exchange Commission (SEC) is a regulatory body, which keeps regulation work on the spot money market. The majority of the control and regulation authority, to control crypto industry, falls under the authority of the SEC agency. At present time, the SEC agency is trying to take strict action against the crypto assets, which are performing operations under the Securities laws but are not registered with the agency. But the agency is also ready for the approval of Bitcoin based some unique products.
Recently, the SEC agency approved the Bitcoin futures ETFs product of Valkyrie Investments, Bitcoin Futures Fund (XBTO), under the same act for which Bitcoin spot ETFs-based applications deserve to get approval.
Steven McClurg, the Chief investment official of Valkyrie Investments, shared his eager plan for the latest Bitcoin futures ETFs product launch in the money market.
Bitcoin spot ETFs under forbidden
However, Bitcoin spot ETFs-based products are supposed to be better & safe than Bitcoin futures ETFs but still, the SEC agency is not in favor of approving the Bitcoin spot ETFs-based applications.
In the beginning, three Bitcoin futures ETFs applications grabbed successful approval, which were filed under the Investment Company Act of 1940 (’40 Act).
But the latest two of the Bitcoin futures ETFs applications were filed under the ’33 Act’ and also secured regulatory approval from the SEC Agency.
On behalf of such things, experts noted that now both of these two acts are almost the same and there are huge chances for the applications of Bitcoin spot ETFs to get approval.
At present, Grayscale is eagerly waiting for the result from the SEC agency for its change of Bitcoin fund into Bitcoin spot ETFs. Reports noted that the SEC may give decision in July of this year for Grayscale’ Bitcoin Spot ETFs application.
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