Fidelity and SEC meet to discuss crypto listing and recent Bitcoin ETF application.
Fidelity and SEC meet to discuss spot Bitcoin ETF application

SEC and Fidelity Discuss Bitcoin ETF

The United States Securities and Exchange Commission (SEC) recently held a meeting with Fidelity Investments to gain further insight into the Bitcoin (BTC) exchange-traded fund (ETF) application.

According to a filing published on Dec. 7, representatives from the Cboe BZX Exchange, SEC personnel and Fidelity personnel met to discuss the workings of the Wise Origin Bitcoin Trust. The filing included PowerPoint slides used during the meeting to explain the operational framework of the Bitcoin ETF.

“Arbitrage and hedge are more efficient with physical creations,” the filing stated while proposing the most effective strategy to the U.S. regulator:

Fidelity Seeks Spot Bitcoin ETF Approval

Fidelity recently submitted an application for a spot Bitcoin ETF to the SEC on June 19, following the filing of similar products from BlackRock and other asset managers.

However, the SEC previously declined Fidelity’s application for a spot Bitcoin ETF in 2022.

This news comes after digital asset crypto insiders reported that the SEC is meeting with spot Bitcoin ETF applicants to discuss crypto related aspects of their applications.

Business Insider Crypto recently reported that, based on crypto insider knowledge, the meetings discussed “key technical details” related to U.S. exchanges listing shares of a spot Bitcoin ETF.

SEC Met with Crypto Leaders

In November, memos released by the SEC showed that the commission had met with representatives of BlackRock and Grayscale. This has sparked much speculation in the crypto world over when the first spot Bitcoin ETF will be approved.

Hashdex, one of the 13 asset managers that applied for the ETF, predicts that the first U.S. spot Bitcoin ETF will be available by the second quarter of 2024.

Dramane Meite, Hashdex’s U.S. and Europe head of product, commented: “The 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 ‘if’ to a matter of ‘when.’”

Meanwhile, crypto insiders Eric Balchunas and James Seyffart are confident that the digital asset crypto ETFs will be approved on Jan. 10, which is in line with the SEC’s deadline for ARK Invest’s crypto listing application.

The product has been gaining traction in the United States and Europe recently, and this crypto fed meeting could be a major milestone for the business insider crypto industry.

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