The American regulator, the Securities and Exchange Commission (SEC), will have to consider another proposal to launch a crypto ETF, this time the applicant is Crescent Crypto Index Services.
Crescent Crypto Index Services, a subsidiary of the investment institution Crescent Crypto Asset Management, sent a proposal to the SEC to create a crypto ETF on the New York Stock Exchange on Wall Street (NYSE). It is assumed that the new tool that received the XBET ticker will track the change in the rate of the two most popular cryptocurrencies – Bitcoin and Ethereum.
Representatives of Crescent Crypto Index Services explain that XBET is a fund traded on the stock exchange, so investors who decide to buy or sell XBET shares will place their orders using the services of brokers. Thus, they may incur costs associated with standard broker costs. In the event that the commission approves the offer, XBET shares will be traded on the NYSE Arca platform, buying and selling will be carried out during the working hours of the exchange at prices of buyers and sellers as well as other securities presented in the public market.
Recall that in late March, the US regulator has once again postponed the date of the adoption of a decision to create Bitcoin-ETF. SEC received one offer from VanEck and SolidX, another from Bitwise Asset Management. The regulator should decide on the decision on the first application until May 21, on the second – until May 16.
