It was early 2021 when the first-ever exchange-traded fund (ETF) for Bitcoin was approved in Canada. Since then, several countries have approved the launch of exchange-traded funds and they have been a huge success.
The exchange-traded funds refer to assets that are based on cryptocurrencies but are not crypto-assets in originality. The majority of the investors skeptical about the volatility and unregulated nature of cryptocurrencies are attracted to this space.
So far, several countries such as Japan, South Korea, Singapore, Russia, and Canada have approved exchange-traded fund requests. As the United States showed a bit of flexibility towards the cryptocurrency sector, several US-based firms also wanted to launch ETFs.
Therefore, several US-based firms submitted requests for the consideration of Bitcoin (BTC) and other crypto-ETFs. These requests were reportedly submitted to the US Securities and Exchange Commission (SEC) for approval. Unfortunately, neither of the requests were approved by the Securities and Exchange Commission despite several requests.
It was mainly because the US SEC is already preoccupied with other issues and regulatory reforms for the entire cryptocurrency sector. This is the reason why several analysts had initially predicted that the US SEC will not be able to touch the ETF topic until mid of 2022.
However, the analysts now have a change of view around the US SEC, as they seem to be changing their verdict about US SEC’s ETF approvals. Just recently, the majority of the analysts in the United States have shared their verdict around the approvals of ETF, which sounds promising.
According to the consensus of the analysts, it is highly likely of the US SEC to approve the exchange-traded funds for Bitcoin futures. The analysts have predicted that it is highly likely that the US SEC may start approving Bitcoin futures ETFs starting this year.
As per predictions from the analysts, the approval for the Bitcoin futures ETFs may be given by the US SEC starting the fourth quarter of 2021.
The major and most prominent analysts who shared their consensus around the launch of the ETFs were the ETF analysts from Bloomberg. The name of these analysts is James Seyffart and Eric Balchunas, who shared their consensus on the matter in an investor note. The note was reportedly issued by the analysts on Tuesday, August 24, 2021.
They stated that recently, many companies have proceeded with submitting withdrawals for the ETFs they had filed for at the US SEC. The recent withdrawal requests for the ETFs were submitted by the major firms known as ProShares and VanEck. The withdrawal requests from these firms may have alerted the US SEC, compelling them to look into the requests with high priority.
