Invesco abandoned the idea of ​​launching a Bitcoin ETF, and the New York prosecutor’s office increased pressure on cryptocurrency market players

Invesco changed its mind about launching Bitcoin ETF amid the start of trading on a similar product from ProShares

The largest US investment company Invesco has abandoned the idea of ​​an ETF based on BTC futures. The company applied to launch a Bitcoin ETF in August this year.

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF,” said Invesco.

The news about Invesco comes amid approval by the US Securities and Exchange Commission of the application from ProShares. The exchange-traded fund, based on BTC futures, will begin trading on the NYSE on October 19.

Bloomberg ETF analyst Eric Balchunas found Invesco’s decision shocking. In his opinion, the company could be the next, whose ETF would be approved by the regulator.

New York prosecutor’s office increased pressure on cryptocurrency market players

New York Attorney General Laetitia James considers it necessary to interrupt the work of two crypto platforms offering lending services in the state at once. Three more companies will have to provide the department with information on operations.

Cryptocurrency loan platforms provide customers with the opportunity to earn money by providing loans secured by ETH or BTC. Companies operating in New York and offering such services are required to be registered with the Attorney General as a broker or dealer.

“Cryptocurrency platforms must follow the law, just like everyone else. My office is responsible for ensuring industry players do not take advantage of unsuspecting investors. We have already taken action against many cryptocurrency services and token issuers that have been fraudulently or illegally operating in New York. We will not hesitate to take all necessary action against any firm that considers itself above the law,” said James.