Bitcoin (BTC) exchange rate fund (ETF) has a 75% chance of being approved this month – in a sense.
In comments this weekend Eric Balchunas, a senior ETF analyst at Bloomberg, said that ETF futures Bitcoin US “probably in time” for the regulatory green light.
Bitcoin futures ETFs “very much alive”
October began with the Securities and Exchange Commission (SEC) announcing a frustrating yet not infrequent delay to their decision whether or not to approve Bitcoin ETFs.
The various requests, instead of being allowed or denied this month, will now begin to be processed in November.
According to Balchunas, however, Futures-based ETFs are more likely not to be examined in the coming weeks.
“Yes, the SEC has kicked off the approval of bitcoin ETF BUT that is for the physically backed under the ’33 Act,” he told Twitter followers.
“The future ETFs presented under the ’40 Act (which Genz loves) are very much alive and probably on time (we think a 75% chance is approved in October).”
Balchunas reported to SEC President Garry Gensler, who last week hinted at a complacent attitude toward the instruments.
“Later we started registering under the Investment Companies Act in relation to exchange-traded funds (ETFs) seeking to invest in future bitcoin exchange-traded CMEs,” he said in final remarks at the Future of Asset Management North American Conference.
“Combined with the other federal securities laws, the ’40s Act provides significant investor protections for mutual funds and ETFs. I look forward to people’s review of such records.”
Canada’s ETF Intent Bitcoin, which received the start of the year, surpassing U.S. bids, continues to go from strength to strength.
A long and winding ETF path
The history of Bitcoin ETFs now spans several years and has seen multiple moments in which proponents have been almost certain that the SEC will give its approval.
Related: SEC registrants are seeking DeFi and physically supported Bitcoin ETF approval
Originally, BTC price could move significantly thanks to rumors linked to such events, this effect however has diminished over time.
Bitcoin futures itself gained formal approval in December 2017, just in time during the last days of Bitcoin’s forecast to historic highs of $ 20,000.