{"id":10555,"date":"2022-05-06T11:07:58","date_gmt":"2022-05-06T11:07:58","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/sec-approves-valkyries-bitcoin-futures-etf\/"},"modified":"2022-05-06T11:08:00","modified_gmt":"2022-05-06T11:08:00","slug":"sec-approves-valkyries-bitcoin-futures-etf","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/sec-approves-valkyries-bitcoin-futures-etf\/","title":{"rendered":"SEC approves Valkyrie\u2019s Bitcoin futures ETF"},"content":{"rendered":"

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The United States Securities and Exchange Commission (SEC) has given the green light to Valkyrie\u2019s futures exchange-traded fund (ETF) application. This represents another ETF that has been approved by the SEC, which has previously accepted futures ETFs, but\u00a0no sign of spot ETFs yet.<\/p>\n

According to the SEC document published Thursday, the application was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law that spot Bitcoin (BTC) ETF prospects are relying on \u2014 albeit with little success thus far. Last month, the watchdog gave the thumbs-up to Teucrium\u2019s Bitcoin futures ETF, which is the first such vehicle to be approved under the \u201933 Act.<\/p>\n

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SEC just approved a 2nd #Bitcoin<\/a> Futures ETF filed under the “33 act”. <\/p>\n

All spot ETF applications have been filed under this act…perhaps some light at the end of the tunnel. <\/p>\n

\u2014 Bitcoin Archive (@BTC_Archive) May 6, 2022<\/a><\/p><\/blockquote>\n

First filed by Valkyrie in August 2021, the Valkyrie XBTO Bitcoin Futures Fund tracks BTC futures contracts. The agency, likewise, gave the go-ahead to Bitcoin futures ETFs from ProShares and VanEck but thus far\u00a0denied all applications to establish a spot Bitcoin ETF. Several countries have Bitcoin ETFs, including Canada, Europe and Latin America.<\/p>\n

The past year has seen a slew of applications for ETFs, with several companies withdrawing their applications, such as Bitwise, which redirected attention to a spot fund instead. The funds have performed well thus far, although many people are hoping for greater success in the future with the introduction of a spot ETF. A recent Nasdaq poll found that a spot Bitcoin exchange-traded fund may lead to\u00a0more financial advisers adopting cryptocurrencies.<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETF<\/em><\/strong><\/p>\n

According to Bloomberg analysts Eric Balchunas and James Seyffart in March, the\u00a0SEC could accept a spot Bitcoin ETF\u00a0as early as mid-2023, based on a proposed amendment to alter the definition of \u201cexchange\u201d within the regulator\u2019s rules. According to the survey by Nasdaq, however, only 38% of financial advisers thought it probable that the SEC would eventually approve a spot cryptocurrency ETF, with 31% disagreeing.<\/p>\n<\/div>\n