Differences between a BTC futures ETF and BTC ETF, why SEC favours the former?

I am not a complicated investor, and would respect the solutions, undecided if others have the identical questions.

From what I’ve learn:

* BTC futures ETF (which is posed to be accepted as early as subsequent week): tracks the worth of BTC futures contracts
* BTC ETF (no information about approval but): tracks the spot value of BTC

From SEC’s POV (supply [FT article]( material/d7601039-e98e-47c8-97af-79f96c2c3d94), here is the [link]( w/o paywall):

* Gary Gensler hinted that he’s extra comfy with buying and selling on regulated futures venues such because the Chicago Mercantile Alternate
* SEC is worried a couple of potential lack of liquidity and the chance of value manipulation on spot exchanges
* SEC believes bitcoin futures are extra applicable for retail traders than buying and selling within the underlying spot market

My questions:

* so seems SEC favours a BTC futures ETF, as a result of the futures contracts are traded in a “regulated” change (CME), whereas Bitcoin shouldn’t be?
* what are different causes that SEC favours a BTC futures ETF in the mean time?
* (is likely to be a naively broad query) from investor’s POV, or the ETFs holding BTC futures, would buying and selling BTC futures extra dangerous, than buying and selling BTC?

Thanks upfront.

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