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“The U.S. Securities and Exchange Commission (SEC) has once again deferred its decision on proposals for spot Bitcoin ETF options. A recent announcement from the SEC indicated that the decision regarding options trading for Bitcoin ETFs is on hold, pending further public input. Interested parties are encouraged to submit their comments within the next 21 days, with a deadline for rebuttals set at 35 days from now.
In its ongoing evaluation, the SEC is deliberating whether the rules applicable to stock options should also govern options on Bitcoin Exchange Traded Products (ETPs). The regulatory filing raised questions about the adequacy of current position limits for these options and whether the overall availability of bitcoin in the markets should factor into these limits.
Several prominent exchanges, including Cboe Exchange, Inc., BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE, LLC, and NYSE American LLC, have filed applications to permit options trading on the recently sanctioned spot Bitcoin ETFs.
This April, the SEC extended the review period for applications from Grayscale and Bitwise to introduce Bitcoin options ETFs, citing the need for a more extended period to review the proposed rule changes. The upcoming decision deadline is now set for May 29.
Earlier in February, Grayscale CEO Michael Sonnenshein voiced the necessity of an options market for spot Bitcoin ETFs, asserting that such a product would serve the interests of both retail and institutional investors. Sonnenshein highlighted the complexities involved in obtaining SEC approval for this innovative investment product, likening the process to the initial challenges faced when launching cryptocurrency ETFs.”
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