{"id":26366,"date":"2023-12-09T02:33:14","date_gmt":"2023-12-09T02:33:14","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/fidelity-and-sec-meet-to-discuss-spot-bitcoin-etf-application\/"},"modified":"2023-12-09T02:33:16","modified_gmt":"2023-12-09T02:33:16","slug":"fidelity-and-sec-meet-to-discuss-spot-bitcoin-etf-application","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/fidelity-and-sec-meet-to-discuss-spot-bitcoin-etf-application\/","title":{"rendered":"Fidelity and SEC meet to discuss spot Bitcoin ETF application"},"content":{"rendered":"
\n

The United States Securities and Exchange Commission (SEC) recently met with Fidelity to seek additional clarity on its spot Bitcoin (BTC) exchange-traded fund (ETF) application.<\/p>\n

According to a filing published on December 7, two Cboe BZX Exchange representatives, along with six personnel from the SEC and nine individuals from Fidelity, discussed the workings of the Wise Origin Bitcoin Trust in a meeting.\u00a0<\/p>\n

\u201cThe discussion concerned Cboe BZX\u2019s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4). Fidelity also provided the attached presentation.\u201d<\/p><\/blockquote>\n

The filing incorporated PowerPoint slides used during the meeting to illustrate the operational framework of the Bitcoin ETF.<\/p>\n

AP as Agency Model Graph. Source: SEC<\/em><\/figcaption><\/figure>\n

\u201cArbitrage and hedge are more efficient with physical creations,\u201d the filing stated while proposing the most efficient strategy to the U.S. regulator:<\/p>\n

“Self-clearing ETF market maker firms can facilitate efficient arbitrage in acting as Agency AP for non-self-clearing ETF market maker firms with Crypto Affiliates. Allowing for physical creation and redemption is critical to enhance trading efficiency and secondary market pricing for all participants.”<\/p><\/blockquote>\n

This comes after recent news that the SEC is meeting with spot Bitcoin ETF applicants to discuss various aspects of the product.<\/p>\n

Cointelegraph recently reported that based on industry insider knowledge they were discussing \u201ckey technical details\u201d related to U.S. exchanges listing shares of a spot Bitcoin ETF. <\/p>\n

However, memos released by the SEC in November showed the Commission separately met with representatives of BlackRock and Grayscale. <\/p>\n

Related:\u00a0Fidelity seeks green light for Ethereum ETF, following BlackRock\u2019s filing<\/em><\/strong><\/p>\n

There has been much speculation in recent times over when a spot Bitcoin ETF will be approved.\u00a0<\/p>\n

Hashdex, one of the applicants among the 13 asset managers, anticipates to see the first U.S. spot Bitcoin ETF by the second quarter of 2024.<\/p>\n

\u201cThe exact timing of a spot Bitcoin ETF in the U.S. remains unclear, but in 2023, the narrative around this product switched from a question of \u2018if\u2019 to a matter of \u2018when,\u2019\u201d said Hashdex\u2019s U.S. and Europe head of product Dramane Meite.<\/p>\n

Meanwhile, Bloomberg ETF analysts Eric Balchunas and James Seyffart remain confident that January 10 will mark the simultaneous approval of all spot Bitcoin ETFs. This aligns with the SEC’s deadline to either approve or deny ARK Invest’s application.<\/p>\n

Magazine:\u00a0Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler\u2019s Digest: Nov. 26 \u2013 Dec. 2<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United States Securities and Exchange Commission (SEC) recently met with Fidelity to seek additional clarity on its spot Bitcoin (BTC) exchange-traded fund (ETF) application. According to a filing published on December 7, two Cboe BZX Exchange representatives, along with six personnel from the SEC and nine individuals from Fidelity, discussed the workings of the […]<\/p>\n","protected":false},"author":1,"featured_media":26367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-26366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\nFidelity and SEC meet to discuss spot Bitcoin ETF application | NFT & Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/fidelity-and-sec-meet-to-discuss-spot-bitcoin-etf-application\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fidelity and SEC meet to discuss spot Bitcoin ETF application | NFT & Crypto News\" \/>\n<meta property=\"og:description\" content=\"The United States Securities and Exchange Commission (SEC) recently met with Fidelity to seek additional clarity on its spot Bitcoin (BTC) exchange-traded fund (ETF) application. 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