December 19, the US Securities and Exchange Commission (SEC) approved issue of dual cryptocurrency ETF based on Bitcoin and Ethereum.
The regulator has given the go-ahead to Hashdex and Franklin Templeton to create new derivatives. Unlike single ETFs, dual ETFs ETF track the dynamics of changes in the exchange rate of two coins (BTC and ETF ), and their issuers must buy both bitcoins and ethereums before issuing shares.
Franklin Templeton employees file amended SEC filing to create dual ETF December 18. In other words, the organization's proposal was approved literally in a day. Officials explained this by the fact that the dual derivative is not much different in structure from the single funds based on BTC and ETH, approved this year. In addition, both products meet the criteria of the Law on Exchanges, which requires creators of financial instruments to use mechanisms to combat fraud and market manipulation to protect the rights of investors and traders.
President of the consulting firm The ETF Store Nate Geraci suggested that other organizations that have developed cryptocurrency may follow the example of Hashdex and Franklin Templeton ETF . In his opinion, dual derivatives will be in high demand because financial advisers like to diversify investments. For this reason, the application for the issue ETF For example, the company BlackRock can file a claim based on Bitcoin and Ethereum.
