The U.S. Securities Exchange Commission (SEC) has received an application for a Bitcoin ETF license from CBOE Global Markets.
Although the U.S. regulator has historically taken a hard stance on crypto-backed funds, other applications have unfortunately not been approved, but a Bitcoin ETF seems to have a better chance of success.
SEC recently made a clarification on the problems of the unregulated market. The changes showed that Bitcoin and Ethereum are not considered securities. As a result, this may open the door for cryptocurrencies to be tradable as an ETF.
CBOE Global Markets is just one of the most recent companies to put up an application for an ETF license. The SEC requested comments on the application on June 26th.
The proposal only will trade with SolidX Bitcoin Shares, and each share will be worth 25 Bitcoin. Even with approval, consumers cannot expect to see trading options available until the first quarter of 2019.
Since the SEC has decided that they will not be regulating Bitcoin, there is no worry about unregistered securities. However, the U.S. is way behind other countries that are making great strides in their regulatory measures.