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SEC Delays Decision on Spot Bitcoin ETF Options, Calls for Public Input

by Chiwuike Owunwa
Apr 25, 2024 - 7:03 pm
in Bitcoin
A visual representation of a calendar with a postponed date, symbolizing the SEC's delay in deciding on Bitcoin ETF options.

SEC Postpones Spot Bitcoin ETF Options Decision

The U.S. Securities and Exchange Commission (SEC) has once again delayed making a decision on the approval of spot Bitcoin Exchange-Traded Fund (ETF) options. This postponement is part of an ongoing evaluation process that seeks to involve public input.

Request for Public Comment

In a recent public filing, the SEC extended the review period and called for public comments concerning the proposed options trading on Bitcoin ETFs. The agency has specified a 21-day period for initial comments and an additional 35 days for rebuttals.

Key Questions from the SEC

The SEC’s key concerns involve the regulatory framework for these options. The question remains whether options on Bitcoin ETFs should adhere to the same position limits as stock options and whether the availability of Bitcoin in the market should influence these limits.

Applicants Eager for Approval

Several exchanges, including Cboe Exchange, Inc., BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE, LLC, and NYSE American LLC, have submitted applications to initiate options trading on Bitcoin ETFs. These applications highlight the growing interest in offering more diverse cryptocurrency investment products.

Previous Delays and Future Deadlines

Earlier in April, the SEC delayed decisions on applications from Grayscale and Bitwise, which sought to introduce Bitcoin options ETFs. The next critical date for a decision from the SEC is scheduled for May 29, indicating the ongoing cautious approach of the regulator towards cryptocurrency ETFs.

Industry Leaders Push for Progress

Grayscale CEO Michael Sonnenshein has been vocal about the need for an options market for spot Bitcoin ETFs, asserting that it would benefit both retail and institutional investors. Despite the complexities involved, Sonnenshein remains optimistic about the eventual approval of such investment products.

As we look ahead, I think it’s never been more important for the #crypto and ETF communities alike to advocate for the development of a robust listed options market for spot #bitcoin ETFs. Although $GBTC has been in the public market since 2015, it was never accompanied by listed…

— Sonnenshein (@Sonnenshein) February 5, 2024

As the SEC continues to assess the regulatory implications of Bitcoin ETF options, the market and potential investors are keenly watching for any developments that might signal a shift in the regulatory landscape for cryptocurrencies.

Tags: BlockchainCryptocurrencySEC
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

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