Europe Leads the Way With Crypto Exchange-Traded Products

Exchange-traded products are derivatively priced securities that are traded on a national securities exchange.

The ETF battle continues in the United StatesPerhaps the most established exchange-trading method in the crypto world is that of exchange-traded funds.

As ETFs are already a major tool for passive investment in mainstream finance, many players in the crypto community hope that ETFs will pave the way toward widespread adoption.

A Bitcoin ETF tracks Bitcoin as the underlying asset.

Bitcoin ETF applications to the U.S. Securities and Exchange Commission have not been successful.

SEC mulls over latest ETF applicationEarlier this year, investment management firm VanEck and the blockchain technology company SolidX, applied for a physically-backed Bitcoin ETF to be listed on the Chicago Board Options Exchange's BZX Equities Exchange.

The memorandum outlines the past relationship between the two companies and the regulator, taking into account their most recent, ongoing project and the failed SolidX bid for an ETF to be listed on the New York Stock Exchange in March 2017.

" the Exchange has offered no record evidence to demonstrate that Bitcoin futures markets are 'markets of significant size.

"The Commission erroneously reads [] the Act, which requires [] that the rules of a national securities exchange be 'designed to prevent fraudulent and manipulative acts and practices' [It] focuses its decision not on the ETP shares to be listed [] but on the underlying Bitcoin spot market [] [instead of] the ability of BZX [] to surveil trading of and to deter manipulation in the ETP shares listed and traded on BZX.".

"I'm going to burst your bubble. I know a lot of people really want to see an ETF happen because 'to the moon, and lambos,' but I think it is a terrible idea. I still think it is going to happen, I just think it is a terrible idea. I'm actually against ETFs. I think a Bitcoin ETF is going to be damaging to the ecosystem."