After years of confusion, mistakes, and errors, investing in cryptocurrency will finally be available for the general population. As the United States Securities and Exchange Commission gives the nod to Bitcoin ETFs, the masses now have the chance to directly invest in cryptocurrency through Bitcoin ETFs. Many companies had filed for Bitcoin ETFs. Among these, Proshares is set to be the first one to launch Bitcoin ETFs. Proshares announced through a post-effective amended prospectus that their product might launch on 18th October, though it will take some more time to start trading.
Bitcoin ETFs are significant for a number of reasons. First up, investors can invest in crypto through a regulatory framework. Chances of criminal activities and money laundering go down significantly here. Interested people can get a taste of cryptocurrency without investing directly in Bitcoins. According to the chairperson of SEC Gary Gensler, futures-based products provide more protection to investors by staying within the regulatory frameworks.
As the news of Bitcoin-based ETF approval spread, crypto enthusiasts around the world grew optimistic about a better future for crypto. Indeed, the approval from SEC makes it all the more significant. In the past, the SEC had banned ETF applications. Under existing laws, an ETF filing is considered approved if it is not explicitly rejected.
Many experts see the development as a major step towards the adoption of cryptocurrency. Many people are encouraged by the fact that the SEC, which was against crypto for a long time, is finally opening up to new ideas.