Cboe Seeks Acceleration for Bitcoin ETF Approval
The Chicago Board Options Exchange (Cboe) has taken a bold step by filing a request with the Securities and Exchange Commission (SEC) for the acceleration of multiple Bitcoin spot ETF (Exchange-Traded Fund) applications. This move is expected to lead to a listing of ETFs as early as tomorrow.
Cboe Files For “Request For Acceleration”
The Cboe BZX exchange has submitted requests to the Securities and Exchange Commission (SEC) for the acceleration of the approval process for several proposed spot bitcoin ETFs. These include the Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, VanEck Bitcoin Trust, Franklin Bitcoin ETF, and the ARK 21Shares Bitcoin ETF.
Need for Acceleration
The requests made by the exchange demonstrate the urgency for “acceleration of registration” under Rule 12d1-2 of the Securities Exchange Act of 1934. This is to ensure the timely listing of these securities as mentioned in one of the letters.
Market Speculations
Although Cboe has approved these applications to list securities on its exchange, this does not guarantee SEC approval. Bloomberg analyst Eric Balchunas pointed out that this step appears to be a “request for acceleration,” which is essentially the final phase before S-1 effectiveness.
Anticipated Decision
The crypto market has been eagerly awaiting the regulator’s decision on these numerous proposed funds, possibly as soon as today. Bloomberg Intelligence analyst James Seyffart described Cboe’s move as essentially a request for immediate listing, representing a very late stage in the approval process.
Hot Take
It seems that the Cboe’s filing has the potential to drive the crypto market forward with the anticipation of Bitcoin ETF approval, reflecting the growing influence and presence of the cryptocurrency sector in traditional financial markets.
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