CBOE Global Markets has refiled Fidelity’s Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC) after it was deemed inadequate and lacking in scope. As one of the prominent securities exchanges in the United States, CBOE closely monitors the potential of cryptocurrencies and crypto asset products. Fidelity Investments, similar to BlackRock, is a significant financial services company and will collaborate in the Bitcoin ETF application submitted to the SEC.
However, the SEC previously found the initial version of the application to be lacking in scope and rejected it due to the absence of adequate regulatory framework. Nevertheless, CBOE and Fidelity decided to revise the application, addressing the concerns raised by the SEC and requesting a more suitable regulatory framework, before resubmitting it to the SEC.
“Cryptocurrencies are attracting increasing investor interest, and crypto asset products are gaining popularity. The approval of a Bitcoin ETF could facilitate access to this new asset class, allowing investors to diversify their portfolios and invest according to their risk tolerance.”– Edward Tilly, CEO of CBOE Global Markets.
In the revised application, CBOE and Fidelity also encourage the creation of a more comprehensive framework addressing the regulation of the cryptocurrency market. However, there is still a lack of consensus among the SEC and other regulatory bodies regarding regulations on cryptocurrencies.