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New Crypto ETF For Ethereum and Bitcoin Is Filed With the U.S. SEC

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Another crypto exchange-traded fund (ETF) proposal has been presented to the U.S. Securities and Exchange Commission (SEC) on May 9. The application was made by Crescent Crypto Indexes Services LLC, a subsidiary of Crescent Crypto Asset Management LLC. This is just going to be one of the several crypto exchanges presented to the SEC.

New Crypto ETF Presented To The SEC

In a recent prospectus filed by Crescent, the company behind the ETF, will be tracking the performance of a market capitalization weighted portfolio that would include Bitcoin (BTC) and Ethereum (ETH). The crypto fund is expected to be called USCF Crescent Crypto Index Fund (XBET).

The report explains that XBET is an exchange-traded fund and that investors that want to enter the market would be able to do it through their brokers rather than by themselves directly. This could increase brokerage commissions and charges.

“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,” reads the ETF presentation.

The prospectus explains that the shares of XBET are expected to be traded on the New York Stock Exchange (NYE) Arca using the ticker “XBET.” This is similar to what other ETFs do to be traded. That means that if the ETF is approved it will work in a similar way to other ETFs already active in the market. The company that presented the ETF has been created in 2005 and it has its headquarters in Oakland, California.

There were several ETF proposals presented to regulatory agencies around the world. The SEC has also received a large number of ETF proposals during the last few years. However, none of these proposals has been approved. In the coming days, the regulatory agency will be taking a decision on whether the two current ETF proposals will be approved or not.

ETFs are expected to bring a large number of users to the cryptocurrency market. There are several investors from the traditional financial space that want to have exposure to virtual currencies. This shows that there is a real interest in digital assets and blockchain technology.

The U.S. Commodity Funds LLC is also an issuer of the exchange-traded commodity funds LLC.

Now, Bitcoin is being traded above $6,400 and it has a market cap of over $111 billion.

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