US Commodity Fund (USCF) submitted a new cryptocurrency ETF application to the US SEC

According to Coindesk's May 10 report, the US Securities and Exchange Commission (SEC) recently received a new cryptocurrency-based exchange-traded fund (ETF) application.

Concept of Bitcoin and ETF

Image source: visualhunt

The ETF application was created by Crescent Crypto Index Services LLC, a subsidiary of Crescent Crypto Asset Management LLC, to track the market capitalization and price performance of Bitcoin (BTC) and Ethereum (ETH), which was filed on May 9th by the SEC. A public announcement was made.

The ETF, known as the USCF Crescent Crypto Index Fund (stock code "XBET"), was initiated by US Commodity Funds LLC (USCF), which will invest XBET's assets in two cryptocurrency portfolios. The application note says:

“XBET is an exchange-traded fund. Most investors who decide to buy or sell XBET stocks place trade orders through their brokers, which means they may charge custom brokerage commissions and fees. XBET stocks are expected to be Trading on the NYSE Arca, code 'XBET', and trading like the other publicly traded securities at market prices throughout the trading day."

According to the submitted documents, USCF is a commodity fund operator regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association and is subject to the Commodity Exchange Act (CEA).

XBET will be added to the list of cryptocurrency ETFs that the SEC is currently reviewing. Earlier, the SEC postponed the decision on two bitcoin ETFs at the end of March. One was jointly submitted by Bitwise Asset Management and the New York Stock Exchange Arca (NYSE Arca), and the other was jointly submitted by VanEck and SolidX and Cboe BZX.

Although the SEC has not yet approved any cryptocurrency ETFs, the review of ETFs by regulators may be a matter of time.

In early February, SEC Commissioner Robert Jackson said in an interview with Roll Call that the cryptocurrency ETF proposal would eventually "meet the standards set by regulators."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Can the combination of decentralized derivative exchanges and account abstraction open up the next incremental entry point?

How much will the target audience expand if decentralized contract exchanges can be logged in using Google accounts?

Blockchain

Has the long-standing resentment towards VC finally erupted? After falling out with LianGuairadigm, Reflexer bought back tokens and put on a mocking face.

This year, you can earn substantial profits from cryptocurrency, all coming from self-reliant projects without ventur...

Finance

The Block Editor-in-Chief 5 Innovative Projects Worth Paying Attention to

Promising emerging projects include derivatives protocols, governance platforms, and infrastructure, among others. Au...

Opinion

Exclusive Interview with dYdX Foundation CEO dYdX Chain Abandons Off-chain Order Book, Aims to Become Public Infrastructure

The CEO of the dYdX Foundation, Charles, believes that dYdX will develop towards becoming a derivative giant, and bec...

Blockchain

The new pattern of staking: exchanges enter the market to explore the boundary, the pledge amount of service providers is not proportional to the income provided

Analyst | Carol Editor | Bi Tongtong | PANews At this time last year, Staking was all the rage, and many players &quo...

Blockchain

2019 Spot Exchange Research Report: The total global trading volume is $ 13.8 trillion, BTC accounts for 48.29%

Key takeaways: 1. The annual spot transaction volume was US $ 13.8 trillion . 2. BTC's annual trading volume acc...