The U.S. Securities and Exchange Commission (SEC) has deferred its decision on two requests to introduce options on spot Bitcoin ETFs to the market. This delay comes after nine issuers successfully launched spot Bitcoin ETFs, excluding Grayscale’s GBTC.
In a filing dated March 6, the SEC announced the postponement of approving, denying, or initiating rule change processes for an application by Nasdaq to list and trade options on BlackRock’s iShares Bitcoin ETF (IBIT). The comment period for this proposal has already commenced, with five individuals providing feedback urging the SEC to approve options trading on BlackRock’s spot Bitcoin ETF. Nasdaq filed this request in January, following the SEC’s approval of Bitcoin-backed funds from issuers such as BlackRock, Fidelity, and ARK 21Shares.
The SEC has set April 24 as the deadline to approve, disapprove, or institute proceedings to determine whether to deny the proposed rule change, allowing sufficient time for consideration.
Additionally, the SEC has also postponed a decision on whether to allow the Chicago Board Options Exchange (Cboe) to offer options on spot Bitcoin ETFs. This proposal’s decision has also been deferred until April 24.
Under current regulations, Cboe can list and trade options on any exchange-traded product at least three days after the fund debuts on registered exchanges. However, in a statement on January 5, the platform clarified that funds backed by digital assets like Bitcoin do not fall under these rules.
Grayscale CEO Michael Sonnenshein has recently urged the SEC to promptly approve options trading on spot Bitcoin ETFs, emphasizing that denying shareholders and ETF investors access to this tool would be detrimental.
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