Cboe Global Markets, which pioneered bitcoin futures, is calling on the Securities and Exchange Commission to allow the use of exchange-traded funds (ETFs) on the grounds that they can be treated as exchange-traded securities. The exchange believes that “the commission should not stand in the way of the appearance of such exchange-traded products on the market,” the letter addressed to the SEC said.
The Commission is currently considering the application of the NYSE Arca exchange to change the rules, which would allow the creation of two investment funds related to Bitcoin futures.
In January, SEC Chief Investment Officer Dalia Blass rejected repeated requests for permission to deal with Bitcoin futures. In a letter to two U.S. trade groups, Blass said issues such as significant price volatility and the liquidity of the funds associated with them have not yet been resolved for these financial products.
Chris Concannon, president and chief operating officer of the Cboe exchange, wrote in response to Dahlia Blass' letter:
“We believe that most issues associated with financial products can be addressed within existing rules for exchange-traded securities, such as issues related to valuation, liquidity, custody, buying for resale, and manipulation."
In addition, Cboe expects that trading volumes in the bitcoin futures markets will soon reach levels "comparable to the levels of securities futures contracts when they were included in financial products."
Cboe became the first exchange to launch bitcoin futures and has filed with the SEC to list six exchange-traded funds related to with bitcoin. CME, the world's largest futures exchange, launched bitcoin futures a week after Cboe.
Recall that Moody's rating agency published a report, which indicated that the measures taken by Cboe regarding minimizing risks to a credit rating, give every reason to classify the risks as frivolous.
According to https://www.cnbc.com
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