The United States Securities and Exchange Commission (SEC) released documents on Thursday (May 9th) stating they had received another application for a cryptocurrency Exchange-Traded Fund (ETF). The latest application comes from the investment firm Crescent Crypto Asset Management. The application is for a combined Bitcoin and Ethereum fund and would be placed on the New York Stock Exchange (NYSE) under the XBET ticker.
To date, the SEC has rejected every application for a cryptocurrency ETF. With each rejection, however, there has been some optimism that it is simply a matter of time until they eventually give one the green light. Earlier this week, Ethereum saw a surge in price after stories of an SEC insider was optimistic about ETH Futures being traded soon, which perhaps gives the timing of this application some further optimism.
Regulation within the cryptocurrency space has always been one of the major talking points and stumbling blocks. There is an underlying optimism within the community that the first green light may well open the floodgates for further applications, and for this to be followed by the highly anticipated institutional investment backing.
SEC image licensed via Shutterstock