CBOE Refiles Bitcoin ETF Applications with SEC
The Chicago Board Options Exchange (CBOE) has refiled its applications for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The applications were filed in partnership with asset manager Fidelity Investments and investment firm Wilshire Phoenix.
The SEC has yet to approve a Bitcoin ETF, despite numerous attempts by various companies. The SEC has expressed concerns about the lack of regulation in the cryptocurrency market, as well as the potential for market manipulation.
CBOE’s Bitcoin ETF Applications
CBOE first filed its applications for a Bitcoin ETF in June of 2020. The applications were filed in partnership with Fidelity Investments and Wilshire Phoenix. The ETFs would be listed on the CBOE BZX Exchange and would track the performance of the Fidelity Bitcoin Index.
The ETFs would be available to both institutional and retail investors. The ETFs would be backed by physical Bitcoin, rather than derivatives or futures. The ETFs would also be insured against theft or loss.
SEC’s Previous Rejections
The SEC has previously rejected numerous applications for a Bitcoin ETF. In March of 2020, the SEC rejected an application from VanEck and SolidX for a Bitcoin ETF. The SEC cited concerns about the lack of regulation in the cryptocurrency market, as well as the potential for market manipulation.
The SEC has also rejected applications from Bitwise Asset Management and Wilshire Phoenix. The SEC has yet to approve a Bitcoin ETF, despite numerous attempts by various companies.
CBOE’s Refiling
CBOE has now refiled its applications for a Bitcoin ETF with the SEC. The refiling comes after the SEC requested additional information from CBOE in April of 2020. The SEC requested additional information about the ETFs’ liquidity, custody, and market manipulation.
CBOE has now provided the SEC with the requested information. The SEC is now reviewing the applications and is expected to make a decision in the coming months.
The Potential Impact of a Bitcoin ETF
If the SEC approves a Bitcoin ETF, it could have a significant impact on the cryptocurrency market. A Bitcoin ETF would make it easier for investors to gain exposure to Bitcoin without having to purchase the cryptocurrency directly.
It could also lead to increased institutional investment in Bitcoin. Institutional investors have been hesitant to invest in Bitcoin due to the lack of regulation and the potential for market manipulation. A Bitcoin ETF could provide the regulatory framework that institutional investors are looking for.
Conclusion
The SEC has yet to approve a Bitcoin ETF, despite numerous attempts by various companies. CBOE has now refiled its applications for a Bitcoin ETF with the SEC. The SEC is now reviewing the applications and is expected to make a decision in the coming months. If the SEC approves a Bitcoin ETF, it could have a significant impact on the cryptocurrency market. A Bitcoin ETF would make it easier for investors to gain exposure to Bitcoin and could lead to increased institutional investment in the cryptocurrency.