New cryptocurrency exchange-traded fund was filed with the United States Securities and Exchange Commission on May 9 by the Crescent Crypto Index Services LLC. The latest cryptocurrency news has some more information about the proposed ETF.
The prospect for the new ETF was filed by the subsidiary company of the Crescent Crypto Asset Management LLC in order to track and improve the performance of the market capitalization portfolio of Bitcoin (BTC) and Ethereum (ETH).
The ETF is dubbed as the USCF Crescent Crypto Index Fund or ‘’XBET’’ for short and it is sponsored by the United States Commodity Funds LLC which will invest the assets in the two portfolio cryptocurrencies. A segment of the filing documents reads:
“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. 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.”
USCF is basically a commodity pool operator that is overseen by the Commodity Futures Trading Commission and the National Futures Association as well. The Co-founder of Crescent Christopher Matta stated in a press release for the new ETF:
“Crescent’s mission is to create innovative investment solutions that make cryptocurrencies accessible to mainstream investors.’’
As reported in the altcoin news, XBET adds to the ETF list and is currently under revision by the SEC. The decisions regarding the two Bitcoin ETF from Bitwise Asset Management and VanEck and SolidX along with the Cboe BZX exchange are postponed until further given notice.
The SEC has not approved the new crypto exchange traded fund but it may be just a matter of time before the regulator approves it. In an interview earlier in February, the SEC Commissioner Robert Jackson pointed out that an ETF proposal needs to satisfy the standards and will do so eventually. This is not the first ETF proposal that involves both bitcoin and eth. Back in 2017, the SEC was considering the approval of a product from EtherIndex Ether Trust that would have also ended up on the NYSE Arca.
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