Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap? By Cointelegraph – Investing.com

Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap? By Cointelegraph – Investing.com

A lot of excitement radiated out of New York this week with the launch of the first exchange-traded fund (ETF) sanctioned by the United States Securities and Exchange Commission. The ProShares Bitcoin Strategy ETF (BITO) had a stunning debut on the New York Stock Exchange as the second-most heavily traded opening-day fund on record, with some calling it “a watershed moment for the crypto industry.”

But others, like Arca CEO Rayne Steinberg, had “mixed feelings” about the events. While pleased that a much-awaited crypto investment vehicle finally received regulatory approval — ending eight years of futility on the part of U.S. fund issuers — he had some misgivings about the product that finally met the approval of the SEC, specifically the fact that it was futures-based and didn’t track the price of Bitcoin (BTC) directly.

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