The SEC is poised to allow the first bitcoin futures ETFs to begin trading

The SEC is poised to allow the first bitcoin futures ETFs to begin trading

The Securities and Exchange Commission is set to allow the first U.S. bitcoin futures exchange-traded funds to start trading next week, a landmark victory for a cryptocurrency industry that has long sought permissions from Wall Street's top regulator, according to a person familiar with the matter. Specifically, the person said the SEC isn't likely to block the ETFs proposed by ProShares and Invesco, which are based on futures contracts and were filed under mutual fund guidelines that SEC Chairman thinks offer investors significant protection. The person familiar with the SEC's decision-making asked not to be named since the discussions are private and pending. An SEC spokesperson did not respond to CNBC's request for comment. Representatives for Invesco and ProShares also did not immediately answer emails seeking comment. Bitcoin traded on Friday, its highest level since April 17, in part on speculation the SEC would greenlight the ETFs. The world's largest cryptocurrency by market value is up nearly 40% in October alone and is approaching its record high of $64,869 set earlier this year. The fund launch will mark the conclusion of a yearslong crusade by the almost $7 trillion ETF industry to persuade the SEC to research and sanction an