SEC Considers Approval of CBOE ETF

Wall Street Bitcoin ETF

Observers believe that even though the VanEck-SolidX Bitcoin ETF and the Chicago Board Options Exchange (CBOE) Bitcoin ETF are considered to have a high possibility of approval by the U.S.

At the time of writing, Bitcoin was up 0.37% to $6,303.7, with the range bound end of the day on Wednesday continuing into the early hours of this morning. "However, the SEC has said it can push out this response period to 90 days 'if it finds such longer period to be appropriate.' Either way, the crypto community have it on their radar". According to the Exchange Act, the Commission can extend it 240 days from the date published in the Federal Register. The US regulatory agency - regarded as one of the most important regulatory bodies all over the world - will deny, approve, or again delay the decision on the ETF come September 30.

Issues identified in [the SEC's previous] disapproval order have been resolved.

Over $9 billion has been completely erased from the cryptocurrency space, and it appears bitcoin isn't alone in its descent. During its most recent the application, the startup has argued that there have been "significant changes in product, market structure and overall circumstances" since that initial decision.

The investment firm Canaccord stated in a recent report that it is very unlikely that a Bitcoin ETF will be approved in the United States later this year.

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Generally, the U.S. Securities and Exchange Commission (SEC) has been hesitant in approving ETFs because of nascent assets and commodities.

Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV.

Morehead also noted that current perceptions of a listless Bitcoin market are largely based on perspective and reminded viewers that Bitcoin prices are up "82 percent year-on-year, so it's still doing very, very well". The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples. And that, with more time to review, the SEC can analyze the true impact of an ETF, and sort through the public notice and comments that are being directed at it regarded cryptocurrencies.

There are a number of applications underway to get a bitcoin ETF listed, but so far none have been approved by the SEC. Let us know in the comments section below. Check our tools section.

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