Gary Gensler, chairman of the US SEC (Securities and Exchange Commission), reiterated his support for future-based Bitcoin ETF at an event hosted by the Financial Times on the 29th.
The chairman championed future-based Bitcoin ETFs and said that there have been several applicants for future-based ETFs in the first half of 2021. He recommended investing in futures traded on the Chicago Mercantile Exchange (CME) instead of ETFs (Exchange Traded Funds) that invest in Bitcoin.
Investment trusts and ETFs are under the jurisdiction of the Securities Act and the Investment Company Act of the United States, and investor protection is guaranteed to a certain extent.
Ever since Gensler expressed support for futures-based crypto ETFs in early August, applications for ETFs linked to Ethereum (ETH) futures trading in addition to Bitcoin have continued to pile up for SEC reviewing.
Companies such as VanEck, Valkyrie, Galaxy Digital, Bitwise, and others have submitted applications one after another.
