The US Securities and Exchange Commission (SEC) has been forthcoming with the approval of a futures-based exchange-traded fund (ETF). The latest Bitcoin futures ETF to be approved is VanEck’s.
An official notice from the Chicago Board Options Exchange (CBOE) stated that VanEck’s Bitcoin Strategy ETF would start trading on November 16 under the ticker symbol, XBTF.
SEC approves VanEck’s Bitcoin futures ETF
VanEck was among the first asset management firms in the US that applied for a Bitcoin ETF. However, with the SEC showing a preference for futures ETFs compared to spot ETFs, VanEck filed for the latter, which has since been approved.
VanEck will be joining the growing list of firms that have been approved to offer Bitcoin futures ETFs. The firms that are already dealing in these ETFs include ProShares and Valkyrie.
VanEck is a US management firm that was launched in 1955. It specializes in gold-based ETFs, mutual funds and more. After being among the first firms to file for an ETF filing with the SEC, it became popular with the crypto community. The firm has filed multiple ERTF filings with the commission, but only its futures ETF has gone through.
SEC still prefers futures ETFs
Before VanEck’s Bitcoin futures ETF was approved, the commission had officially rejected the firm’s filing for a spot Bitcoin ETF. The regulator explained that the reason for declining the ETF filing was that its proposed rule change failed to meet the required standards to “prevent fraudulent and manipulative acts and practices.”
The SEC lists investor protection and public interest as some of the reasons that deter the listing of a spot Bitcoin ETF. The SEC chair, Gary Gensler, has previously stated that the
