Gensler Renews Support for Futures Based Bitcoin ETF

Sep 30

Written By Guest User

Full article by Danny Nelson found here.

Key Points:

U.S. Securities and Exchange Commission Chairman Gary Gensler continued to elaborate on his support for a specific class of bitcoin exchange traded funds (ETFs) that would invest in futures contracts and not the crypto itself.
These Bitcoin ETFs would invest in futures contracts that trade on the Chicago Mercantile Exchange, and would register under the Investments Company Act of 1940. Gensler stated that the “40 act provides significant investor protections, and I look forward to staff’s review of such filings.”
A similar speech was made in August and spurred a rush in bitcoin futures ETF filings. None have been approved by the SEC so far, but many experts expect a decision as early as October. The SEC is reviewing almost two dozen ETF filings for Bitcoin, Ether, and futures for both.
Renewed speculation that the U.S. could soon approve such an ETF has stimulated market activity, where Bitcoin gained about 4.5% in a push to about $43,500 per coin. Canada’s recent decision to approve a BTC/ETH ETF may have also contributed to the market stimulation.

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