Altcoin News: In the US Issued a Request to Create a New Crypto ETF

May 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Crescent Crypto Index Services LLC, a division of Crescent Crypto Asset Management LLC, submitted to the US Securities and Exchange Commission (SEC) a prospectus for placing a new exchange-traded fund (ETF), which, if approved, will track changes in the price of a portfolio that includes its composition weighted by share capitalization of Bitcoin and Ethereum.

The corresponding document was published on the SEC website. The ETF is called the USCF Crescent Crypto Index Fund (XBET ticker). It is supported by the organization United States Commodity Funds LLC (USCF), which will invest its assets in two portfolio cryptocurrencies.

“XBET is an exchange-traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges. Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol “XBET” and will be bought and sold throughout the trading day at bid and ask prices like other publicly traded securities,” the instrument says.

USCF is an operator of a pool of commodities regulated in accordance with the requirements of the Commodity Futures Trading Commission and the National Futures Association in accordance with the Law on Commodity Exchanges.

At the end of March, the SEC postponed the deadlines for making a decision on the Bitwise’s request to launch an ETF.

Author: Marko Vidrih