Cboe Global Markets Inc. is seeking to list a Fidelity Bitcoin exchange-traded fund in the U.S. despite the prospect of an icy regulatory reception.
In a filing with the Securities and Exchange Commission Monday, Cboe proposed listing Fidelity’s Wise Origin Bitcoin Trust, saying concerns about potential manipulation of a Bitcoin exchange-traded product have been “sufficiently mitigated.”
New SEC Chairman Gary Gensler told Congress last week that the cryptocurrency market “could benefit from greater investor protection.”
The comments appeared to be a setback for the idea that Gensler might be more sympathetic to crypto product approvals given his familiarity with financial technology.
Cboe has already petitioned for the approval of vehicles such as a VanEck Bitcoin fund, one of a number of Bitcoin ETFs seeking the green light from officials. The SEC has knocked back repeated attempts to list such products in the U.S.
Crypto proponents argue that the sector is evolving and that other jurisdictions like Canada allow Bitcoin ETFs, leaving U.S. investors at a disadvantage.
Waiting for the Bitcoin ETFs
As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.