The US Securities and Exchange Commission (SEC) is set to review a new Crypto ETF application.
A new application for a Bitcoin (BTC) and Ethereum (ETH) Exchange Traded Fund (ETF) was posted by the SEC on May 9th. The product is proposed by Crescent Crypto Index Services LLC, a subsidiary of Crescent Crypto Asset Management Services LLC.
The ETF is sponsored by United States Commodities Funds (USCF) with a ticker symbol “XBET”. The fund will be an index of the two largest Cryptocurrencies by market cap Bitcoin (BTC) and Ethereum (ETH) and would trade on the New York Stock Exchange if approved.
The filing states:
“XBET is an exchange traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges. Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol “XBET” and will be bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.”
The SEC has not approved any Crypto related product till date, however, multiple Crypto products are trading on Switzerland and Sweden based exchanges approved by its regulators.
Currently, the SEC is reviewing three Crypto ETF applications including one from VanEck SolidX and another from Bitwise Asset Management, which recently released a report on Bitcoin exchanges.
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