Several exchanges, including the National Stock Exchange MIAX, have withdrawn proposals to list and trade options on spot Bitcoin exchange-traded funds (ETFs).
The Miami International Stock Exchange (MIAX) withdrew its proposed rule change on August 1, according to the U.S. Securities and Exchange Commission. filing Posted on Thursday. MIAX did not immediately respond to a request for comment.
Other exchanges have also withdrawn similar proposals, according to filings published Thursday. They include MIAX PEARL, LLC and BOX Exchange LLC. BOX Options did not immediately respond to a request for comment.
MIAX proposed the rule change in January, shortly after the SEC first proposed the rule change in January. Approved Several spot Bitcoin ETFs, including those from BlackRock, Grayscale, and Fidelity. Other exchanges are also looking to allow options trading, but have yet to receive SEC approval. Bloomberg Intelligence analyst James Seyffart said the agency is likely to approve options for spot Bitcoin ETFs by the end of next month.
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“ETF options will occur in Q4 of this year. The final deadline for the SEC decision is ~September 21, but after that there are more steps required by the OCC and CFTC,” Seyffart said Thursday. mail About X.
Seifert said he had little faith in the exchange’s decision to withdraw.
“There’s not much to read into right now,” Seyffart wrote in a post on X. “I think the only exchange filings that matter are the ones listing ETFs: Nasdaq, NYSE, CBOE.”
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All three firms received a comment letter on the proposed rule change from Better Markets, a nonpartisan organization founded in the aftermath of the 2008 financial crisis, which urged the SEC not to approve options on spot bitcoin ETFs.
“The SEC should proceed with particular caution with options on spot Bitcoin ETPs, as they expose retail investors to a significant amount of risk. Options on spot Bitcoin ETPs also pose a systemic risk to the financial system that the SEC must be careful to defend,” Better Markets said in its statement. letter.
In other related comments, some said approval of the option was the next “natural step.”
“Now that the Spot Bitcoin ETP has been approved for listing and trading on NYSE Arca under the Rule 19b-4 process, the natural next step is the approval of options on the Spot Bitcoin ETP, in the same way that the Spot Gold ETP was approved for listing and trading under the Rule 19b-4 process,” said former Grayscale CEO Michael Sonnenshein. letter We support the proposal of NYSE Arca Inc.
Update: August 8, 2019 8:35 PM UTC, including moves by other exchanges to withdraw their proposals
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