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The ETFs are likely to be given a green light by the US Securities and Exchange Commission, marking the culmination of an eight-year battle to win approval. All the ETFs will be based on bitcoin futures contracts, rather than the spot price, with the SEC known to be concerned about a potential lack of liquidity and the risk of price manipulation on spot exchanges.
As recently as last week Gary Gensler, chair of the SEC, described crypto finance as the “Wild West or the old world of ‘buyer beware’ that existed before securities laws were enacted”, adding that it is “rife with fraud, scams and abuse”. However, Gensler has hinted that he is more comfortable with trading on regulated futures venues such as the Chicago Mercantile Exchange.
https://www.ft.com/content/d7601039-e98e-47c8-97af-79f96c2c3d94
