A New Crypto ETF Has Just Been Filed With the U.S. SEC

A prospectus for a new cryptocurrency-primarily based exchange-traded fund (ETF) has just been filed with the U.S. Securities and Trade Commission (SEC).

The application, posted by the SEC on Could 9, was made by Crescent Crypto Index Products and services LLC, a subsidiary of Crescent Crypto Asset Administration LLC, to track the effectiveness of a current market capitalization-weighted portfolio of bitcoin (BTC) and ether (ETH).

Dubbed the USCF Crescent Crypto Index Fund (ticker symbol “XBET”), the ETF is sponsored by United States Commodity Cash LLC (USCF), which will spend XBET’s property in the two portfolio cryptocurrencies.

The prospectus states:

“XBET is an exchange traded fund. This signifies that most traders who make your mind up to purchase or sell shares of XBET put their trade orders by means of their brokers and might incur customary brokerage commissions and costs. Shares of XBET are expected to trade on the NYSE Arca underneath the ticker symbol “XBET” and will be bought and marketed throughout the buying and selling day at bid and check with rates like other publicly traded securities.”

USCF is a commodity pool operator matter that comes underneath the regulatory oversight of the Commodity Futures Buying and selling Commission and the Countrywide Futures Association underneath the Commodity Trade Act (“CEA”), in accordance to the filing.

XBET adds to the checklist of crypto ETFs currently remaining reviewed by the SEC. Conclusions on two bitcoin ETFs – 1 from filed by Bitwise Asset Administration with NYSE Arca, and the other from VanEck and SolidX, in partnership with Cboe BZX Trade – have been postponed late in March.

Whilst the SEC has not but approved any crypto ETFs, it might be just a issue of time in advance of 1 passes muster with the regulator.

In an job interview with Roll Simply call in early February, SEC Commissioner Robert Jackson made available the viewpoint that an ETF proposal will “satisfy the standards” the regulator has established, “eventually.”

SEC impression by means of Shutterstock