Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Six Bitcoin mutual funds are scheduled to launch in Israel next week, following approval by the Israel Securities Authority (ISA), as reported by the Israeli newspaper Calcalist on Wednesday.
Israel Securities Authority Approves Bitcoin Mutual Funds
According to CoinDesk, which was the first to publish a translated version of the report, the six mutual funds dedicated to the Satoshi Nakamoto-created cryptocurrency are set to formally debut on December 31.
The approved funds will be managed by Migdal Capital Markets, Phoenix Investment, More, Ayalon, IBI, and Meitav.
“The investment houses have been pleading for more than a year for ETFs to be approved and started sending prospectuses for bitcoin funds in the middle of the year,” an unnamed investment executive told the media outlet.
Trump and Bitcoin’s Post-Election Surge
The announcement regarding Israel’s mutual funds comes as Bitcoin’s value cools after a significant surge following the 2024 U.S. presidential election.
The cryptocurrency spiked to an all-time high of $108,000 on December 16, driven by anticipation that President-elect Donald Trump could significantly shift crypto regulation in the United States.
Related Posts
The New York-born businessman has ample reason to champion a balanced blockchain regulatory framework, having helped launch his family’s crypto platform, World Liberty Financial, earlier in the year.
“We will have regulations,” Trump stated at the Bitcoin 2024 Conference this past summer, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”
The former reality television star has long supported crypto-friendly American policy, vowing to replace current United States Securities and Exchange Commission (SEC) chair Gary Gensler when he returns to the Oval Office.
Gensler, who has since announced his resignation from the federal regulator, is likely to be replaced by former SEC commissioner Paul Atkins, Trump’s pick to spearhead the government agency.
SCOOP: Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
Atkins has been vocal in his support of the industry and was the first libertarian to serve as an SEC commissioner under President George W. Bush.
by @vronirwin
(link in next tweet) pic.twitter.com/moGtJGqbhb— Laura Shin (@laurashin) December 3, 2024
As the current CEO of Patomak Global Partners, Atkins has clients within the crypto sector, leading the crypto community to speculate that he will likely show benevolence toward the digital asset sector as a whole.
“Paul is a proven leader for common sense regulations,” Trump said in a recent Truth Social post. “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.”
The post Israel to Launch Six Bitcoin Mutual Funds Next Week Following Regulatory Approval appeared first on Cryptonews.
