The (Chicago Board Options Exchange) Cboe has filed a form 19b-4 with the US Securities and Exchange Commission (SEC) to list Fidelity’s Wise Origin Bitcoin ETF.
The regulator’s concerns regarding the potential manipulation of a Bitcoin exchange-traded product have been “Sufficiently Mitigated”. Exchange partner like Cboe BZX exchange or New York Stock Exchange is necessary to file a Form 19b-4. Only then SEC will review the application.
Agency will have to respond with a decision to reject or accept the application within 45 days. The SEC has 240 days to evaluate the application in total.
In the past, SEC has rejected many cryptocurrency ETFs that have applied. Recently, VanEck applied for an Ethereum ETF. The VanEck Ethereum Trust would list share on Cboe according to an s-filing. The SEC U.S federal securities regulator also considering other Bitcoin ETF applications filed by WisdomTree, Galaxy Digital, NYDIG, etc.
Bitcoin ETF proponent claims such a product would open bitcoin to more financial investors. For example, Retail traders, institutional or financial traders, etc.
New SEC chairman Gary Gensler told last week that the cryptocurrency market “Could benefit from great investor protection.”
The bitcoin market is developing maturity and advanced in recent years. Just as the possibility that new SEC Chief Gary Gensler might be friendlier to crypto than his predecessor, Jay Clayton. Bitcoin ETFs are already available to investors in Canada, Brazil, etc.
