The American Securities and Exchange (SEC) commission has approved the creation and buy-in products negotiated in exchange for cryptocurrency (ETP), allowing investors to exchange actions directly for underlying cryptographic assets instead of species.
In an announcement on Tuesday, the regulator said that approved Bitcoin (BTC) and Ether (ETH) funds will be authorized to create and exchange actions in kind.
“This is a new day at the SEC, and a key priority of my presidency is to develop a regulatory framework adjusted for the cryptographic asset markets,” said the president of the SEC, Paul Atkins, in a press release.
Atkins said the new rules will make CRPS “less expensive and more effective”.
“Creation in nature and redemption offer flexibility and cost savings to ETP issuers, authorized participants and investors, resulting in a more efficient market,” said Jamie Selway, director of the Division of Trading and SEC markets.
This is a history in development, and more information will be added as it will be available.
