Summary
The SEC has delayed a decision on allowing spot Bitcoin ETF options to trade on the NYSE, extending the review period for Bitwise and Grayscale’s options. The delays are causing damage to the SEC’s reputation, and there are concerns about the agency’s ability to make timely decisions. Grayscale CEO argues that options on Bitcoin ETFs should be allowed since options on Bitcoin futures ETFs are already permitted. Despite approving Bitcoin ETFs, the SEC has yet to approve a spot Ethereum ETF.
Key Points
1. The U.S. Securities and Exchange Commission has delayed a decision on allowing spot Bitcoin ETFs options to trade on the New York Stock Exchange, extending the initial review period by another 45 days to the end of May.
2. The SEC’s delay in making decisions on crypto-based ETFs may further damage the agency’s reputation, as regulatory hurdles and bureaucracy slow down the progress of Bitcoin ETF approvals.
3. Grayscale and Bitwise’s proposals for listing and trading Bitcoin ETF options on the New York Stock Exchange have been met with delays from the SEC, despite previous approvals of spot Bitcoin ETFs and Bitcoin Futures ETFs.