Six Bitcoin mutual funds are scheduled to launch in Israel next week. This follows the approval from the Israel Securities Authority (ISA) last week, as reported by the Israeli newspaper Calcalist on Wednesday. According to CoinDesk, which first published a translated version of the news, these six mutual funds of the cryptocurrency created by Satoshi Nakamoto will officially make their debut on December 31.
Operators of the Approved Funds
The approved mutual funds are those run by Migdal Capital Markets, Phoenix Investment, More, Ayalon, IBI, and Meitav. An unnamed investment executive told the media outlet that the investment houses had been asking for Exchange-Traded Funds (ETFs) to be approved for over a year and started sending prospectuses for bitcoin funds in the middle of the year.
Bitcoin’s Post-Election Surge and Cooling
Surge After US Election
The news about Israel’s mutual funds comes at a time when Bitcoin’s value has been cooling off after a significant surge in the wake of the 2024 U.S. presidential election. Bitcoin reached an all-time high of $108,000 on December 16. This spike happened as there was anticipation that President-elect Donald Trump could bring major changes to crypto regulation in the United States.
Trump’s Stance on Crypto
The New York-born businessman has good reason to back a balanced blockchain regulatory framework. He helped to launch his family’s crypto platform World Liberty Financial earlier in the year. Trump stated at the Bitcoin 2024 Conference this past summer that “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.”
Trump’s SEC Chair Pick
Trump has long supported crypto-friendly American policy and has vowed to replace the current United States Securities and Exchange Commission (SEC) chair Gary Gensler when he returns to the Oval Office. Gensler has announced his resignation from the federal regulator, and Trump has picked former SEC commissioner Paul Atkins to lead the agency.
Atkins’ Background and Crypto Support
Atkins has been outspoken in his support of the crypto industry. He was the first libertarian to serve as an SEC commissioner under President George W. Bush. Currently, as the CEO of Patomak Global Partners, he has clients within the crypto sector, leading the crypto community to speculate that he will likely be favorable towards the digital asset sector as a whole. Trump described him in a recent Truth Social post as “a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world.”
In conclusion, the upcoming launch of Bitcoin mutual funds in Israel and the potential regulatory changes in the US under the incoming Trump administration are significant developments in the cryptocurrency space. Many in the industry will be closely watching how these events unfold and what impact they will have on the future of Bitcoin and the broader crypto market.
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