A prospectus for a new cryptocurrency-based exchange-traded fund (ETF) has just been filed with the U.S. Securities and Exchange Commission (SEC).
Dubbed the USCF Crescent Crypto Index Fund (ticker symbol "XBET"), the ETF is sponsored by United States Commodity Funds LLC (USCF), which will invest XBET’s assets in the two portfolio cryptocurrencies.
The prospectus states:
USCF is a commodity pool operator subject that comes under the regulatory oversight of the Commodity Futures Trading Commission and the National Futures Association under the Commodity Exchange Act (“CEA”), according to the filing.
"Crescent's mission is to create innovative investment solutions that make cryptocurrencies accessible to mainstream investors," said Christopher Matta, co-founder of Crescent, in a press release.
While the SEC has not yet approved any crypto ETFs, it may be just a matter of time before one passes muster with the regulator.
In an interview with Roll Call in early February, SEC Commissioner Robert Jackson offered the opinion that an ETF proposal will “satisfy the standards” the regulator has set, “eventually.”
This is not the first ETF proposal that involves ether. Back in 2017, the SEC was weighing whether to approve a product from EtherIndex Ether Trust that would also list on NYSE Arca.
SEC image via Shutterstock
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