Crescent Crypto Index Files for Crypto-Backed ETF with SEC

The US Securities and Exchange Commission (SEC) has received an application from Crescent Crypto Index Services for the approval of a crypto-backed exchange-traded fund (ETF).

As seen on the application published by the market regulator on May 9, the New Jersey-based company wants to track the performance of a market capitalization-weighted portfolio of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. The fund has been named as the USCF Crescent Crypto Index Fund with ticker symbol XBET.

The filing entity is a subsidiary of the crypto index provider and fund manager Crescent Crypto Asset Management. Late last year, the company launched a market index - Crescent 20 Index - to track the performance of market capitalization weighted basket of top digital assets.

The ETF is sponsored by United States Commodity Funds LLC (USCF) which will invest in XBET’s asset in the portfolio companies.

“XBET is an exchange-traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges,” the prospectus of the application noted.

“Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol “XBET” and will be bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.”

Third in line

Though the SEC officially didn’t show any hostility towards crypto-based ETFs, it is reluctant to approve the same even after the attempt by multiple reputed entities to get an approval for the financial instrument.

With its application, Crescent joined Bitwise Asset Management which filed for a Bitcoin-based ETF with NYSEArca and VanEck, and SolidX which applied for the same in partnership with Cboe BZE Exchange. Both companies’ applications were postponed by the regulator last March.

Meanwhile, according to a media report, the Commodity Futures Trading Commission (CFTC) is considering to approve Ethereum-backed futures in the US market after the success of the BTC-backed investment instruments.