American congressmen support approval of options on spot bitcoin ETFs
American congressmen Mike Flood and Wiley Nickel have contacted the U.S. Securities and Exchange Commission (SEC) to advocate for the approval of options on spot bitcoin ETFs. In their letter, they stress the importance of these options for investors and urge the SEC to prioritize investor protection.
Flood and Nickel highlight the necessity for the prompt approval of new investment products, citing the current ambiguity in SEC’s approach towards options on futures bitcoin ETFs and spot bitcoin ETFs. They call on the regulator to provide clarity on their stance or grant permission for the introduction of options on spot ETFs, which would stimulate market growth and enhance the investment environment.
Several American stock exchanges, including Cboe, BOX, MIAX, Nasdaq ISE, and NYSE American, have submitted applications to the SEC for the launch of options on spot bitcoin ETFs. Despite this, the regulator has yet to take action on these applications, with public feedback currently being gathered on the feasibility of these products.
Notably, the trading volume of spot bitcoin ETFs in the U.S. surpassed $200 billion in early April of this year, indicating a strong interest in these investment tools and underscoring the need for swift decisions on new applications.
