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US SEC will not greenlight leveraged bitcoin fund

US SEC will not greenlight leveraged bitcoin fund

US SEC will not greenlight leveraged bitcoin fund
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By Reuters Oct 28, 2021 8:29:49 AM IST (Updated)

The SEC signaled it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, a report said.

The US Securities and Exchange Commission (SEC) has asked at least one asset manager to scrap plans for a leveraged bitcoin exchange-traded fund, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

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The SEC signaled it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, the report said.
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SEC approval for ProShares Bitcoin Strategy ETF, the first U.S. bitcoin futures-based exchange-traded fund, was seen as a turning point for cryptocurrencies and pushed up bitcoin prices. The fund began trading last week.
The SEC did not immediately respond to a Reuters request for comment.
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