The U.S. Securities and Exchange Commission (SEC) has received another application for a cryptocurrency ETF called the USCF Crescent Crypto Index Fund (ticker XBET).
The document states the following: “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.”
The SEC has not yet approved any ETF. In March 2019, the ministry postponed the decision on applications from companies Bitwise Asset Management and VanEck together with SolidX. Now the waiting list is replenished by Crescent Crypto Index Services – a subsidiary of Crescent Crypto Asset Management, which provides cryptocurrency investment portfolio management services.
The future of Bitcoin ETF is not known yet. Nevertheless, the member of the Commission Robert J. Jackson Jr expressed confidence that the SEC would give the green light to the opening of cryptocurrency funds. In his opinion, this will happen if the company’s application meets the standards of current legislation.
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