New York saw a lot of excitement this week due to the launch of an exchange-traded fund (ETF), sanctioned and approved by the United States Securities and Exchange Commission. ProShares’ Bitcoin Strategy ETF, (BITO), made a spectacular debut on New York Stock Exchange. It was the 2nd-most traded open-day fund in history. Calling it “a watershed moment for the crypto industry.”

But others, like Arca CEO Rayne Steinberg, had “mixed feelings” about the events. While pleased that a much-awaited crypto investment vehicle finally received regulatory approval — ending eight years of futility on the part of U.S. fund issuers — he had some misgivings about the product that finally met the approval of the SEC, specifically the fact that it was futures-based and didn’t track the price of Bitcoin (BTCYou can also contact us directly at