The USA could pave the way for the authorization of ETF-traded funds from bitcoins.
The Securities and Exchange Commission (SEC, in English), the US stock regulator, is considering authorizing these products after up to five managers have requested the creation of this type of fund in the last month.
Among these firms is Invesco, as published by the newspaper Les Echos, in addition to four other specialized managers in the field of crypto assets: VanEck, Proshares, Galaxy Digital and Valkyrie Digital Assets.
Gensler, in favor but with limits
The new president of the SEC since last April, Gary Gensler, was already in favor at the beginning of this month of opening the door to ETFs with cryptocurrencies.
Gensler noted that these products should meet two conditions. On the one hand, he said that they would have to follow the regulations of unlisted mutual funds, somewhat more restrictive than those of ETFs.
On the other hand, the investment could not be directly in the cryptocurrencies themselves, but in derivative products such as futures.
These assets are traded, since 2017, in the Chicago Stock Exchange (CME), the leading US futures market.
“They are important protections,” Gensler said, precisely at a seminar on crypto assets in the city of Aspen.
“I look forward to the review by the staff [de la SEC], particularly if they are limited to these bitcoin futures in the CME, “he said at the event.
Canada, the precedent
At the moment, however, only Canada has authorized some ETFs that are supported by bitcoins.
In Europe, the most similar mechanism is found in Germany and Switzerland, where several ETPs (Exchange Traded Products) have already been registered, which consists of a format very similar to how ETFs work.
In these countries, Vaneck stands out, one of the firms that would have requested approval from the US SEC itself, and that manages more than 300 million dollars in cryptocurrencies such as bitcoin or ethereum.
France has also allowed products similar to those admitted to the Paris Stock Exchange to be registered on the Paris Stock Exchange. Germany and Switzerland.
Bitcoin recovers $ 50,000
Meanwhile, bitcoin put aside the downtrend that began to draw in mid-May and recovered the barrier of $ 50,000 for the first time in the last three months.
The most used cryptocurrency in the world rose more than 4 percent in the first hours of trading, while so far in August it has shot up more than 20 percent.
A rally that experts believe could return bitcoin to its all-time highs in February, when it broke the $ 63,400 mark.