US SEC receives new Bitcoin ETF proposal

The US SEC has received a new Bitcoin ETF proposal, this time it’s from a Gold Fund veteran.  The ETF would focus on stocks and options if approved. 

October 23, 2019, | AtoZ MarketsCayman Islands-based firm Kryptoin has filed an initial registration statement with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin Exchange Traded Fund (ETF).

New Bitcoin ETF on the New York Stock Exchange

According to a public filing published Wednesday, the former managing director of the World Gold Council and the portfolio manager behind SPDR Gold stocks, Kryptoin Investment Advisors has developed a new Bitcoin ETF. The Cayman Islands-based company made an initial registration statement to the SEC.

Notably, the ETF product, which is in development for two years, will follow the Chicago Mercantile Exchange (CME) Bitcoin Reference Rate to reflect the actual market price of Bitcoin. According to Kryptoin’s head of exchange-traded products, Jason Toussaint, the Fund will process the bill, creations, and payments that do not disclose management fees, and the management fee will be charged only in Bitcoin.

Previously, Toussaint was the CEO of the World Gold Trust Services, a subsidiary of the World Gold Council. The State Street Global Advisors now markets the product.

If the SEC approves Kryptoin’s new Bitcoin ETF proposal, it will focus on stocks and options, as opposed to the NYSE which focuses mainly stocks. However, so far, no cryptocurrency ETF has been approved by the SEC. One of the three previously proposed Bitcoin ETFs has been rejected, one withdrawn, and the other is still being evaluated.

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