Happy Monday, Blockfolians
The SEC’s lack of willingness to truly consider a bitcoin ETF is virtually a meme at this point. Many speculate that as long as the SEC remains under current leadership, there is no chance.
That’s why many were surprised today to learn that Arca had gotten approval to begin selling shares of “Arca US Treasury Fund” - whose digital shares (ArCoins) trade on top of the Ethereum blockchain.
CoinDesk wrote about the significance and the effort it took to get this done:
The launch marks the first time the crypto-skeptical SEC has allowed a fund represented by cryptographics tokens to enter the investment markets under the Investment Company Act of 1940. Arca has been pushing for various forms of the ArCoin proposal for nearly 20 months, as shown in regulatory filings.
Then again, given that Arca is helmed by Rayne Steinberg - best known for founding ETF pioneer Wisdom Tree - maybe it all makes sense.
Either way, it’s a big step for our little industry - so kudos to Arca!
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