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Why We Could See the First US Bitcoin ETF Approved in October

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Several mutual funds have applied for Bitcoin ETFs in the United States. The number has grown as interest in cryptocurrencies has increased in recent months. So far, some countries have approved certain encrypted ETFs and investors can trade with them. However, the United States has yet to see the approval of its first bitcoin ETF.

Speculation about the approval of a bitcoin ETF has increased in recent times. The Securities and Exchange Commission (SEC) was supposed to make a decision on several Bitcoin ETFs that had been deposited. But the regulator had brought the date forward. In VanEck’s case, move it 60 days until the SEC makes its decision on the Bitcoin ETF.

SEC chief clarifies his position on cryptocurrencies

After SEC President Gary Gensler announced that the regulator had no plans to ban bitcoin in the United States, investors began to hope for ETF approval soon. The reasoning behind this is that the President wouldn’t bother to provide information like this if there wasn’t good news in the future.

Related reading | Does the number of active Bitcoin entities increase by 19% to reach the 2020 high levels set for new highs?

The country’s first Bitcoin ETF is expected to be approved in October, allowing investors to begin trading Bitcoin ETF futures. Instead of trading Canadian crypto ETFs.

In addition to the SEC’s position on cryptocurrency regulation, the regulations previously approved a Canadian mutual fund with the same language as a bitcoin ETF. This was presented by asset manager James Seyffart, who believes that once the SEC has approved this mutual fund, it will most likely approve a similarly worded ETF.

Bitcoin ETFs in approval process

Bloomberg ETF analyst Eric Balchunas hit Twitter to highlight some events that could indicate that the first bitcoin ETF is about to be approved. The analyst noted that Valkyrie, a digital asset management company, has updated its Bitcoin Futures ETF prospectus.

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