coindesk.com
Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated his support Wednesday for a narrow class of bitcoin exchange-traded funds (ETFs) that would invest in futures contracts instead of the crypto itself.
Gensler, a key digital assets regulator, singled out bitcoin ETFs which invest in CME-traded futures contracts and register under the Investments Company Act of 1940. The so-called ‘40 Act “provides significant investor protections,” he said in prepared remarks for a Financial Times conference: “I look forward to staff’s review of such filings.”
He struck a similar tone in an August speech that ignited a rush in tailor-made bitcoin futures ETF filings. None have passed the SEC yet, but industry observers expect decisions as early as October.
Read more: Gensler’s Preference for Bitcoin Futures Products Is Likely Bad News for a Spot BTC ETF
The SEC is currently reviewing nearly two dozen ETF filings for bitcoin, bitcoin futures, ether and ether futures products.
Investors have not been quite as eager to plow into bitcoin futures-linked products. One bitcoin futures mutual fund has amassed only $15 million in assets two months after launch, according to a tweet from Eric Balchunas, an analyst for Bloomberg.