The United States Securities and Exchanges Commission (SEC) has another cryptocurrency exchange-traded fund proposal to review, this time courtesy of digital asset management firm, Crescent Crypto.
According to a press release by Crescent Crypto, the newly proposed index fund filed in partnership with the United States Commodity Fund (USCF) will have the ticker 'XBET' and trade on NYSE Arca if the regulators approve it.
The index will track “the performance of a market cap weighted basket of Bitcoin and Ether, which are the largest and most liquid cryptocurrencies covering approximately 65% of the overall cryptocurrency market cap,” the release confirms.
With Crescent Crypto set to act as an advisor and co-portfolio manager to the proposed fund, the fund will purportedly grant investors exposure to cryptocurrencies through a public investment vehicle.
Speaking in the release, Christopher Matta, Co-Founder of Crescent affirmed that their primary objective with the ETF proposal as well as their firm is to “create innovative investment solutions that make cryptocurrencies accessible to mainstream investors."
Despite the Co-Founder’s optimism, however, it is worth noting that their latest attempt has brought them to a crossroad where many failed while others stand in a queue waiting to gain access.
As Stmarket.co has reported in the past, two other asset management firms, Bitwise and VanEck have filed cryptocurrency-related ETF applications, albeit theirs propose to track only the dominant cryptocurrency, Bitcoin.
Time will tell, however, whether Crescent Crypto’s attempt to diversify and recent suggestions that by an SEC Commissioner, Robert J Jackson Jr that an ETF-approval is on the way will have any impact on the latest submission. Meanwhile, the SEC already halted an ETF sneaking Bitcoin Futures and would likely do due diligence before approving any of the current applications.