Intercontinental Exchange wants to list two ETFs that will use futures contracts to track down the Bitcoin price and the Proshares Bitcoin ETF. This is according to the proposal filed with the Securities and Exchange Commission (SEC).
In September ProShares had filed to create their funds before SEC declined to review the application since the underground asset which was supposed to be Bitcoin futures did not exist. Now with Bitcoin futures already trading after the launch by CBOE and CME, Proshares has applied the two STFs again but this time including two other Blockchain related funds.
Securities and Exchange Commission has not yet issued a ruling about Bitcoin ETF which was filed after the launch of Bitcoin futures. It’s, however, anticipated that the commission would approve at least one ETF since CME and CBOE are regulated by the Commodity Futures Trading Commission. More to that the Bitcoin futures markets are seen to be doing very well after the launch.
With Securities and Exchange Commission expected to give an approval in the ETFs, it’s a surprise to many because the Intercontinental Exchange Chairman Jeffrey Sprecher had previously said that they would not rush into Bitcoin futures.
According to Sprecher in the earlier interview: “We are not thinking of rushing out a product and be the first ones to settle against the index where there are many exchange companies which are not transparent.”
If Securities and Exchange Commission grand the proposal is likely to become a turning point for Bitcoin. Most probably Bitcoin would become more adopted making it become a mainstream financial instrument. This would be of huge benefit especially for the ordinary people who would hold Bitcoin into their retirement portfolios.
ETFs are likely to be the most awaited instrument into transforming Bitcoin into the mainstream. SEC should grand ICE the authority to run ETFs in an experiment on how the same would of effect to Bitcoin and Bitcoin futures.