Great news for Bitcoin fans and investors – the US Securities and Exchange Commission will allow Bitcoin futures trading as early as next week. That didn’t come as a surprise to many. It was fueled by the hugely valuable ETF industry that rose to $6.7 trillion recently. This could be a watershed moment for cryptocurrencies in the USA, although there’s still no official confirmation of it.
According to reputable sources, the SEC won’t block futures Bitcoin trading from next week anymore. It’s a turning point for Bitcoin trading after years of blocked Bitcoin EFT applications. According to Gary Gensler from the SEC, current proposals from Invesco and ProShares are futures contracts based and filed under mutual fund (MF) rules that will essentially protect investors.
Still No Official Confirmation
While there’s been a lot of chatter online about SEC’s decision, it has yet to be officially confirmed. The first Bitcoin EFT was filed in 2013 by the Winklewoss twins. However, there’s not been much action since mostly because of investor hazards, hacker threats, and significant price swings. Bitcoin rose to nearly $60,000 in the past days or two, but that comes after months of price drops that threw many investors off.
It could all likely change if the SEC decides to stop blocking Bitcoin EFT applications. The mood for this changed in mid-August. The SEC chief said that he’d now favor funds based on CME-traded Bitcoin futures filed under a patent from the 1940s.
It’s a big and bold move ahead that could change the crypto landscape in the USA. Of course, no one’s expecting full-blown acceptance and a move against the dollar, but it’s definitely a move in the right direction.
It remains to be seen if the SEC decision materializes and how it’ll change things for Bitcoin in the USA.
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