Jason Toussaint, a former manager of the World Gold Council, has recently united with the asset manager Kryptoin to create a new Bitcoin Exchange-Traded Fund (ETF). Now, the company has filed with the U. S. Securities and Exchange Commission (SEC) to start the development of the project. The main idea is that the fund should track the Bitcoin reference rates of CME.
According to Toussaint, the project was in development for two years before being presented to the SEC. At the moment, there is no information on the process to create the ETF and any fees that it will have, though.
The gold veteran compared Bitcoin to gold when explaining the project. According to him, the process is similar to when the Gold Council brought its SPDR Gold Shares to the financial markets. This was one of the largest ETFs in the world, so it seems that he has plenty of experience in the field.
Now, Toussaint defends that some aspects are crucial for approval. The filing was just the first step. The first point is to share as much information as possible with the entity, so they can better understand the market. He did the same with the gold ETF, which was also viewed with suspicion, so this is why he is confident.
If this new project is approved by the SEC, it would be listed on NYSE Arca, which has already worked with some other companies that tried to launch their own ETFs.