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SEC Delays Ruling on Bitcoin ETF Options Trading to April 2024

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Table of Contents

  • The Securities and Exchange Commission (SEC) extends the deadline for its decision regarding BlackRock’s request to offer options trading on a Bitcoin exchange-traded fund (ETF).
  • Originally scheduled for March 10, 2024, Sunday, the decision date has now been moved to April 24.
  • While awaiting the SEC’s decision, BlackRock has filed new documents seeking to purchase more Bitcoin ETFs.

The Securities and Exchange Commission (SEC) has announced that it will extend the deadline for its decision regarding BlackRock’s request to offer options trading on a Bitcoin exchange-traded fund (ETF). This decision marks a significant development in the growing intersection between traditional finance and cryptocurrency markets.

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A Glimpse at the Decision-Making Process

Originally scheduled for March 10, 2024, Sunday, the decision date has now been moved to April 24, allowing the SEC additional time to deliberate over BlackRock’s proposal. This request would enable investors to engage in options trading on a Bitcoin ETF that tracks the actual price of the cryptocurrency, offering them an opportunity to speculate on its future price movements without directly owning Bitcoin.

BlackRock’s request is not the only one awaiting the SEC’s decision; similar requests from Cboe Exchange, Inc. and Miax Pearl LLC are also under consideration. The SEC’s cautious approach reflects the complexity and significance of integrating cryptocurrency-based financial products into traditional regulatory frameworks.

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The SEC’s decision-making process came under further scrutiny following its announcement on March 6, 2024, revealing the need for extra time to consider a rule change proposed by Nasdaq. Nasdaq ISE submitted a proposal on January 9 to allow trading options on the iShares Bitcoin Trust. Despite the proposal being open for public comment since January 25 with five comments received, the SEC opted for an extension, citing the necessity for a thorough review.

Meanwhile, BlackRock, one of the world’s largest asset management firms, is actively positioning itself in the burgeoning Bitcoin ETF market. While awaiting the SEC’s decision, the company has filed new documents seeking to purchase more Bitcoin ETFs, intending to include them in its Global Allocation Fund. This move underscores BlackRock’s commitment to officially investing in Bitcoin ETFs listed and traded on reputable national exchanges.

BlackRock’s Spot BTC ETF Staying Strong

BlackRock’s current Spot BTC ETF has been experiencing notable success, contributing to a surge in interest in Bitcoin ETFs. The past week witnessed unprecedented performance levels for these financial instruments, with daily records being shattered. Despite market volatility, the price of Bitcoin has remained relatively stable at around $68,000, indicating robust market performance.

The extension of the SEC’s decision deadline reflects the regulatory complexities involved in integrating cryptocurrency-related financial products into traditional investment frameworks. As stakeholders eagerly await the SEC’s ruling, the outcome will likely have far-reaching implications for the future of cryptocurrency investment opportunities within mainstream finance.

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