Representatives Wiley Nickel (D-Neb.) and Mike Flood (R-Neb.) have recommended that the Securities and Exchange Commission approve the listing and trading of spot Bitcoin exchange-traded fund options amid delays.
In a letter to SEC Chairman Gary Gensler on Wednesday, the two lawmakers pointed to the SEC’s approval of a spot Bitcoin ETF so far in January. billions dollar. Axios We first reported the news on Wednesday.
“We urge the Commission to either approve spot Bitcoin ETP options without delay or provide an explanation of the differences in the Commission’s treatment between currently traded Bitcoin futures ETF options and spot Bitcoin ETP options. .” Written by Flood and Nickel. The two members of Congress, along with others, previously wrote a letter to Chairman Gensler in September urging him to approve a spot Bitcoin ETF.
Over the past few months, the SEC has delay Decide whether to allow listing and trading of spot Bitcoin ETF options. Several exchanges have since applied to allow options trading on the newly approved spot Bitcoin ETF, including Cboe Exchange, Inc., BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE, LLC, and NYSE American LLC.
Is there a difference?
The SEC’s final approval of a spot Bitcoin ETF earlier this year came in part after three judges in the D.C. court ruled over the summer that the SEC should reexamine Grayscale’s bid for a spot Bitcoin ETF after the asset management company said: It was driven in part by the ruling. It sued the agency after its flagship GBTC fund conversion plan was rejected last year.
At the time, the judges said the SEC’s rejection of Grayscale’s spot Bitcoin ETF proposal was “arbitrary and capricious.” “Because the Commission failed to account for the different treatment of similar products.”
Representatives Nickel and Flood pointed to this ruling and said that the SEC’s delay in approving options for a spot Bitcoin ETF was a similar situation.
“It has been nearly two months since the NYSE filed to list Bitcoin spot ETF options,” they wrote. “For the Bitcoin futures ETF, the SEC allowed options to be listed and begin trading the very next day. Why is there a difference in the processing?”
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