Fidelity is continuing its bid to see a spot Bitcoin ETF approved. Like other financial firms, it is sending in applications despite the SEC’s frequent rejections.
Asset management firm Fidelity has submitted a Bitcoin ETF application to the United States Securities and Exchange Commission (SEC) yet another time. The firm had previously seen its application for a spot ETF rejected.
Fidelity Bitcoin ETF Goes Another Round With the SEC
Details from a filing showed that Fidelity is determined to have a spot Bitcoin ETF approved, though the SEC’s past actions indicate that it isn’t likely.
This is the second time that Fidelity has submitted such an application, and only two weeks after BlackRock filed for a spot Bitcoin ETF.
The filing shows a proposed rule from the Cboe BZX Exchange to list Fidelity’s Wise Origin Bitcoin Trust. It notes that the regulatory landscape has changed significantly since 2016, thus arguing that it is time for approval,
“Outside the Commission’s purview, the regulatory landscape has changed significantly since 2016, and cryptocurrency markets have grown and evolved as well. The market for bitcoin is approximately 100 times larger, having at one point reached a market cap of over $1 trillion.”
Bitcoin ETFs Struggle To Receive Approval
There have been several attempts by multiple entities to have a spot Bitcoin ETF approved. Among those who have filed applications are VanEck, Valkyrie, SkyBridge, WisdomTree, and CBOE, among others.
Two of the more notable applications were made by BlackRock and Ark Invest. The former is the world’s largest asset manager, and it sent in an application earlier this month. BlackRock will collaborate with Coinbase for the ETF.
As for Ark Invest, the SEC delayed its decision on its spot Bitcoin ETF. In light of this, the firm recently applied for a physical Bitcoin ETF.
The SEC has denied spot Bitcoin ETF applications on the grounds that there is a risk of market manipulation and a lack of investor protection. A number of firms have made applications, but the SEC does not look like it will approve these ETFs until the market has more regulatory controls. Meanwhile, Grayscale is duking it out with the SEC over this matter.
As these ETF applications have been pouring in, the CME Group has announced plans to launch an ETH to BTC ratio futures product. It’s a very different product from Fidelity’s Bitcoin ETF but should see some appeal if approved by regulators.
The product will launch on July 31 if given the green light. The CME also stated that the futures would be settled in cash.
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Source: https://beincrypto.com/fidelity-spot-bitcoin-etf-application-sec/