The next step into acceptance of cryptocurrencies is getting closer. The SEC is still in negotiation over the Bitcoin ETF, but at the same time the parent company of the New York Stock Exchange (NYSE) is launching Bitcoin futures on its trade platform Bakkt. This was announced in a press release on Monday.
Intercontinental Exchange (ICE) is a new platform for trading, storing and spending digital assets. The Bakkt Bitcoin Daily Futures Contracts will start trading on December 12th. Each futures contract is tied to one bitcoin and is fully backed. One daily contract will be listed for trading each day the exchange is opened.
With major institutes like the NYSE taking bitcoin seriously, it’s only a matter of time before the SEC will approve a proposal for a Bitcoin ETF. The VanEck-SolidX proposal has been the center point of discussion for some time now. The final decision of the SEC board has been postponed multiple times, and right now it has requested feedback from the public in order to gain as much insight as possible.
The newest commissioner with the U.S. Securities and Exchange Commission, Elad Roisman, already met with VanEck, the CBOE and blockchain startup SolidX to discuss the proposal for the Bitcoin ETF. The SEC is accepting advice from the public till October 31st, after which it will contemplate on their next steps.
The first Bitcoin futures hit the market in December last year. It seems likely that the Bitcoin ETF will also hit the market in December, unless of course the SEC postpones their decision once again.