ETFs on bitcoin futures are now acceptable to the SEC. However, the next development may take some time. SEC Chairman Gensler is seemingly not so receptive to ETFs on spot bitcoin because SEC staff appears to believe the exchanges listing them are not sufficiently regulated themselves and don't have significant size. I also don't expect to see ETFs based on futures of other cryptocurrencies following Bitcoin's lead either until the SEC and CFTC decide which agency should maintain jurisdiction over other cryptocurrencies, like ether.

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