In a momentous stride towards the crypto future, ETF issuer Direxion announces their aspirations for a Bitcoin and Ether futures product. Clearing the path are a host of illustrious companies aiming to roll out similar services in the flourishing crypto trading market in the U.S. Direxion proposes the Bitcoin Ether Strategy ETF, a courageous combination of Bitcoin and Ether futures via a filing to the U.S. Securities and Exchange Commission (SEC).
However, the crypto-sphere remains steeped in uncertainty as the same regulator has historically turned away Ether futures and spot Bitcoin ETFs. But the ambitious players in the field refuse to be daunted. They are expressing a firm belief that their diligent work has met the uncompromising standards set by the SEC, sharing surveillance details and other key compliance components.
To add a layer of excitement, this launch week was shared with six other enterprises declaring their intentions for Ether futures ETFs. This enshrined them in the community of crypto ETF aspirants, a space teeming with more than a handful of applications for a spot Bitcoin ETF under the SEC’s vigilant gaze.
On the very day of Direxion’s announcement, Bloomberg Intelligence analysts presented a favorable chance of SEC’s approval to a Bitcoin ETF, asserting confidence in the revolution. The Ether future ETF applicants not only preferred optimism but also embodied resilience, projecting that their products will hit trading platforms by the end of this year. Of course, this is reliant on the SEC not requesting a withdrawal of their filings, a potential hurdle to overcome.
While the crypto universe is an exciting place, teeming with innovative ideas and a vision for the future, it lacks predictability, thanks to the complex regulatory environment. On the one hand, there are high hopes and confidence for the approval and the consequential launch of these crypto-related products; on the other, a history of stern regulatory barriers presents a precarious path forward.
Nevertheless, with the rapidly changing market conditions, there is an undeniable anticipation surrounding Direxion’s Bitcoin Ether Strategy ETF and the submitted applications of numerous other crypto ETF hopefuls. The question still remains, however: how will the SEC respond to these advancements, and will this push the crypto market one step closer to mainstream acceptance? Only time will reveal if the era of regulated crypto trading has truly arrived.
Source: Coindesk
