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The SEC is said to be allowing the first Bitcoin Futures ETF, Bitcoin price up to $59,000

According to Bloomberg, the Securities and Exchange Commission (SEC) is poised to allow the first U.S. Bitcoin Futures ETF to begin trading in a watershed moment for the cryptocurrency industry. Accordingly, the regulator isn’t likely to block the products from starting to trade next week.

SEC implicitly accepts Bitcoin Futures ETF when tweeting about investing it?

Not long ago, the SEC tweeted about investing in funds that hold Bitcoin Futures contracts. This caused the community to burst with the prediction that they might approve Bitcoin ETF, especially those investing in Bitcoin futures.

And even Lark Davis, one of the prominent crypto analysts in the market, has spoken out about this. He sarcastically said, there would be a lot less risk if you guys approved a spot Bitcoin ETF.

Accordingly, Bloomberg believes that the US regulatory agency isn’t likely to block the products from starting to trade next week. Bitcoin Futures ETFs are different from Bitcoin ETFs in that they are based on futures contracts and are filed under mutual fund rules.

“Barring a last-minute reversal, the fund launch will be the culmination of a nearly decade-long campaign by the $6.7 trillion ETF industry. Advocates have sought approval as a confirmation of mainstream acceptance of cryptocurrencies since Cameron and Tyler Winklevoss, the twins best known for their part in the history of Facebook Inc., filed the first application for a Bitcoin ETF in 2013”, Bloomberg stated.

SEC Chairman Gary Gensler recently expressed interest in reviewing applications for bitcoin ETFs tied to futures contracts under the Investment Company Act of 1940. But in the meantime, the SEC has pushed back the deadline for four-spot Bitcoin ETF applications to November and December, as ACoin News reported.

bloomberg-report-the-sec-is-said-to-be-allowing-the-first-bitcoin-futures-etf

BTC/USD 4-hour chart | Source: TradingView

Bitcoin climbed to more than $58,800, the highest since May. The largest cryptocurrency by market value reached a record high of $64,869 in April. And shortly after this news, BTC rallied over $2,000, reaching over $59,122 as of press time.

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