SEC to Consider New Bitcoin and Ethereum Exchange-Traded Fund Application
The “XBET” fund from Crescent Crypto Index Services would track the two largest cryptocurrencies.
The product comes courtesy of Crescent Crypto Index Services, a subsidiary of benchmarking and passive index investing firm Crescent Crypto Asset Management.
“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,” the filing confirms. It continues:
“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.”
As Cointelegraph continues to report, the SEC has yet to approve any form of cryptocurrency ETF for the U.S. market.
Concerns over compliance mean that rejections have come frequently since the first bid to launch the product in March 2017, with delays contributing to the already slow progress.