To date, bitcoin ETFs have not been approved by U.S. regulators. Several ETF issuers filed plans earlier this year for such products, but the plans were scrapped because, at the time of those filings, there was not a bitcoin futures market. That changed Sunday and CBOE rival CME is expected to launch bitcoin futures on Dec. 18th with Nasdaq following suit next year.
In late September, VanEck withdrew plans for a futures-based bitcoin ETF because, at the time, the Securities and Exchange Commission (SEC) said it would not approve a fund based on a product that does not exist. However, bitcoin futures could make their debut before the end of 2017.
However, VanEck’s MV Index Solution unit recently unveiled a broad swath of indexes tracking individual digital currencies and could launch four benchmarks offering broader exposure to cryptocurrencies.
“Earlier this year, the SEC rejected a proposed ETF by Gemini, the bitcoin exchange founded by Cameron and Tyler Winklevoss (which also has a multi-year license from Cboe to provide bitcoin data in the futures launched today). Among other concerns, the regulator cited the lack of other regulated bitcoin products,” according to CoinDesk.
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