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U.S. SEC Reviews New Application's For Cryptocurrency ETF [Exchange-Traded Fund].
2019-05-11 | Mike Hallen
![U.S. SEC Reviews New Application's For Cryptocurrency ETF [Exchange-Traded Fund].](https://images.etherdesk.com/uploads/2019/05/imageedit_31_9990001838.jpg)
In line with 'official documents' published, U.S. regulator - The SEC [Securities and Exchange Commission], is reviewing a new application for a crypto-currency ETF [Exchange-Traded Fund].
The product comes courtesy of Crescent Cryptocurrency Index Services, a subsidiary of benchmarking and passive index financing firm named ‘Crescent Crypto Asset Management’.
It would embrace a portfolio of both Ethereum [ETH] and Bitcoin [BTC], and be active on the NYSE [New York Stock Exchange] underneath the “XBET” ticker.
“XBET is an ETF [Exchange-Traded Fund]. This implies that the majority of investors who attempt to purchase or sell shares of XBET place their trade orders via their brokers and might incur customary brokerage commissions and charges,” the filing confirms. It 'adds':
“Shares of XBET are expected to trade on the New York Stock Exchange underneath the ticker symbol ‘XBET’ and would be bought and sold via the trading day at bid and ask prices like other publicly traded securities.”
As reported earlier, the SEC has yet to approve any form of cryptocurrency ETF for the Unites States based market.
Concerns over compliance mean that rejections have come frequently since the primary bid to launch the product earlier in March 2017, with 'delays' contributing to the already slow progress.
However at the same time, regulators themselves have 'hinted' that they’re assured that at some point within the future, an ETF would satisfy all the mandatory necessities, a view 'echoed' by industry figures.
