SEC Clears Path for 3x Leveraged Bitcoin ETPs as Industry Activity Surges

Bitcoin held steady near $85,000 on Sunday as investors weighed the impact of a new US regulatory development. The Securities and Exchange Commission cleared the way for the listing of six triple-leveraged exchange-traded products from Volatility Shares on the Cboe BZX exchange. These products will offer three times the daily performance of Bitcoin, Ethereum, and other cryptocurrencies, but their availability is still pending registration requirements.

The decision was part of a broader regulatory landscape that includes proposed changes to crypto custody rules. This week, the SEC separately proposed changes to crypto custody rules, which were a major focus for Bitcoin markets on Friday. The development adds another potential route for investors seeking cryptocurrency exposure, but it's not immediately available for trading.

Meanwhile, signs of stronger industry activity are emerging. CryptoJobsList recorded 1,241 cryptocurrency job openings in September, up from 382 in July. The largest category was finance, followed by engineering and trading, with Bitcoin being the most frequently requested blockchain expertise.

Cathie Wood, CEO of ARK Invest, said that investors may increasingly need to 'follow the agents' as AI systems move from answering questions to independently carrying out transactions. This could create potential demand for machine-to-machine payment networks, which could be facilitated by open blockchain networks and stablecoins.