NYSE Operator Applies To SEC To Operate Two Bitcoin ETFs

NYSE Operator Applies To SEC To Operate Two Bitcoin ETFs

Written on 12/27/2017
Mike Mikkola

Intercontinental Exchange (ICE), the operator of the NYSE, has filed a proposed rule change to the SEC that would allow the exchange to list two Bitcoin ETFs (Exchange Traded Funds). The December 19 th filing would allow trading on the NYSE Arca trading platform.

With CME and CBOE actively trading Bitcoin futures, it is widely believed that the SEC will allow the proposal to pass. The highly regulated Commodities Futures Trading Commission (CFMS) oversees the trading of two futures contracts already.

While no timetable has been set for the proposal, it is likely that the proposal will face little opposition, and thus will pass quickly.

This is another milestone in the acceptance in cryptocurrency. On January 1, 2017, the market cap for ALL cryptocurrencies was $17+ Billion. Today, December 26, 2017, the total market cap is over $600 BILLION. Bitcoin alone has a market cap of $269 Billion. The five largest cryptocurrencies all exceed the total market cap of 1/1/17.

The widespread acceptance of cryptocurrency and the financial technology behind it have brought it into the mainstream of the financial market.