According to someone familiar, the Securities and Exchange Commission has granted permission for U.S. bitcoin futures funds exchange-traded funds (BTC) to trade next week. It is an historic victory for a crypto industry that had long sought approvals from Wall Street’s top regulator.

In particular, this person claimed that the SEC won’t block ProShares and Invesco’s ETFs. They are based on futures and were filed in accordance with mutual fund guidelines. Gary GenslerThese thinks provide investors with significant protection.

A person with knowledge of the SEC’s decision making asked to not be identified because the discussions are confidential.

CNBC reached out to the SEC spokesperson for clarification but he did not reply. Invesco representatives and ProShares representatives did not respond to emails requesting comment.

Bitcoin trade north of $60,000It reached its highest point since April 17th, at Friday’s record high. This was partly due to speculation that the SEC would approve ETFs. This is the world’s biggest cryptocurrency market by value and it is now at its highest level since April 17th.

Fund launch is the culmination of nearly seven years-long efforts by the ETF industry, which has raised almost $7 trillion to get the SEC to sanction and research an ETF that is related to popular cryptocurrency.

Investors will have indirect opportunities to invest bitcoin through the Invesco and ProShares Funds. ETFs are based upon bitcoin futures, which trade on Chicago Mercantile Exchange. Bloomberg News reports that the SEC will allow bitcoin futures ETFs trading to start.

Others are also available eager for a pure-play ETFThe funds are backed by bitcoins but a decision is unlikely to be made for several months. Direct funds are said to be cheaper than rolling into futures, which can’t track the spot bitcoin price.

For much of the last decade, the SEC argued that ETFs and similar funds were too dangerous to approve because they are subject to fraud and volatility. Gensler taught courses about cryptocurrencies at Massachusetts Institute of Technology before joining the SEC.

He stated to the Senate Banking Committee, September 2018, that his and his team were trying to protect investors via better regulation and oversight of thousands of new digital assets.

Gensler stated that “Currently, there is not enough investor protection for crypto finance, issuance or trading, lending, or both.” said in prepared remarks last month. Frankly, this is more the Wild West than the good old days of ‘buyer take care’ before the Securities laws were put in place.

Wall Street’s top regulator is also questioning whether crypto assets can remain safe from hackers or if future challenges could invalidate ownership.

Many traders praised Gensler’s appointment to the SEC as a positive step, given his previous work in building the Commodity Futures Trading Commission under the Obama administration. Gensler was also instrumental in establishing a new supervision regime for swaps markets that had been unregulated before the financial crisis.