A watershed moment or stopgap? By Cointelegraph

Quite a lot of pleasure radiated out of New York this week with the launch of the primary exchange-traded fund (ETF) sanctioned by america Securities and Trade Fee. The ProShares Bitcoin Technique ETF (BITO) had a surprising debut on the New York Inventory Trade because the second-most closely traded opening-day fund on file, with some calling it “a watershed second for the crypto business.”

However others, like Arca CEO Rayne Steinberg, had “combined emotions” in regards to the occasions. Whereas happy {that a} much-awaited crypto funding car lastly acquired regulatory approval — ending eight years of futility on the a part of U.S. fund issuers — he had some misgivings in regards to the product that lastly met the approval of the SEC, particularly the truth that it was futures-based and didn’t observe the worth of Bitcoin (BTC) straight.