Crypto.news recently reported that Direxion has filed for a Bitcoin and Ether Exchange-Traded Fund (ETF). This filing shows that the company wants to achieve their investment goal by trading crypto futures contracts on the Chicago Mercantile Exchange (CME).

Direxion is not the only one to apply for futures ETFs. BlackRock, Valkyrie, and others have launched futures ETFs. However, the US Securities and Exchange Commission (SEC) has not approved ETF applications for years.

After BlackRock’s successful filing, other firms have been encouraged to follow the same path. Forbes has attributed BlackRock’s success to addressing some concerns the SEC cited before rejecting other past applications.

It is possible that Direxion will receive a certain response from the SEC. The SEC is facing a lot of pressure with the ETF applications it has received, including public feedback on Bitcoin ETFs and the need to buy ETFs from Grayscale for simultaneous approval.

Direxion’s Investment strategy does not directly invest in Bitcoin or Ether. Direxion’s ETFs in the traditional finance sector have earned a reputation for excellence. If their Bitcoin and Ether ETFs are listed on the New York Stock Exchange (NYSE) Arca, this could be a step in the right direction towards wider acceptance and adoption.