Six Bitcoin mutual funds are slated to launch in Israel next week following last week’s approval by the Israel Securities Authority (ISA), Israeli newspaper Calcalist allegedly reported Wednesday.
Israel Securities Authority Approves Bitcoin Mutual Funds
According to CoinDesk – who was the first to publish a translated version of the news – the report states that the six mutual funds of the Satoshi Nakamoto-created cryptocurrency will formally debut on December 31.
Approved mutual funds include those operated 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
News of Israel’s mutual funds comes as Bitcoin’s value cools after a surge in light of the 2024 U.S. presidential election.
The coin spiked at an all time high of $108,000 on December 16 amid anticipation President-elect Donald Trump could significantly shift crypto regulation in the United States.
The New York-born businessman has all the more reason to champion a balanced blockchain regulatory framework given he helped to 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 chair Gary Gensler when he returns to the Oval Office.
Gensler, who has since announced his resignation from the federal regulator, will likely 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 – with the crypto community speculating that he will likely show benevolence to 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 Launching Six Bitcoin Mutual Funds Next Week: Report appeared first on Cryptonews.
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