Bitcoin Forum

Mutual fund giant Fidelity had a WebEx meeting with the U.S. Securities and Exchange Commission on Sept. 8 to push for approval of its Bitcoin exchange-traded fund, according to a recent filing.  
Apart from Fidelity’s executives, the list of attendees included Kyle Murray, the vice president of Chicago-based futures exchange CBOE.
In the presentation, they put forward a variety of reasons as to why the product has to be approved by regulators.
They point to that the fact that the Bitcoin market has matured, touting its significant trading volume and its deep liquidity.  

They also mention that both Canadian and European exchange-traded funds and exchange-traded products.
Fidelity says that investors will benefit from the ability to have direct exposure to Bitcoin through ETPs.
While some analysts believe that the SEC might be more inclined to initially approve a futures-based ETF, the presentation says that it doesn’t necessarily have to be an interim step.
The mutual fund giant also highlighted its long-time commitment to Bitcoin. Fidelity started exploring the largest cryptocurrency all the way back in 2014, significantly outpacing other Wall Street giants.
In March, FD Funds Management, a subsidiary of the Boston-based company, filed to launch a Bitcoin ETF called the Wise Origin Bitcoin Trust.
As reported by U.Today, SEC Chair Gary Gensler said that he was looking forward to his commission reviewing a bunch of pending filings:    
"I'm looking forward to what the staff says about these filings."  


Source: https://u.today/fidelity-makes-major-push-to-launch-bitcoin-etf

There had been a lot of applications for a bitcoin ETF launch, but so far we haven't heard anyone of them getting approved by SEC.

So I will not be surprised if we see another rejection, back in 2017-2018 there was a lot of hype around and people saying that it will turn the market into a bullish phase. And years past, still SEC are not willing to give us any ETF and their reason will still be the same.

And yet the market has already turned bullish since then. I remember way back in 2017-2018 that the battle for Bitcoin ETF in the US was all over the news. It was full of hype. The hype died down without a single application approved. I think that by the time a Bitcoin ETF in the US is approved, it wouldn't cause much hype to the market anymore. It wouldn't be the world's first, after all. Its neighboring Canada has already approved 3 Bitcoin ETFs.

I, for one, don't understand why they don't approve, and for another, I understand that from the bitcoiners' perspective, we shouldn't care much either.

Today it's not like 2017, the average Joe has a lot of options to buy at the click of a button. Even verification on exchanges is almost instantaneous, not like years ago when it took weeks. There is MSTR and Grayscale GBTC which, although they are not ETFs, are largely being bought by those who would buy an ETF if there was one, so I think it's OK if the SEC rejects the ETF, it's not going to affect the market much.

Looks significantly more promising due to Fidelity being quite an authority in the finance space(at least compared to most of the previous entities that filed and ETF and failed). But yea, the way Bitcoin ETFs have been in the past, I'll just believe it when I see it lol.

Great news. Bitcoin is big enough that one of the biggest founds lobbies regulators on its case. The fact that fidelity is "a knight on a white horse" here does not surprise me at all. I remember their paper from 2020 when BTC was recovering from covid panic sell.

https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/bitcoin-alternative-investment.pdf

In which they stated that every well balanced (diversified) portfolio should hold 5% in bitcoin. If they apply to this by themselves its 245 billion $ invested in BTC. Thats 30% of btc supply!

Too shame that either this paper or the fact that they push SEC in ETF case is not spread well enough. Its bigger than most of recent news. Especially "Elon buy/ Elon sell" sh*t.

It has not been easy for the US to get the ETF proposal to pass in the house even though two other countries have. All because of the SEC.
I remember the first and second attempts back 4 years ago and when ever it got rejected the price would plummet like a rock.
Of course the price of bitcoin was not like it is today, so another rejection could be more prominent and have more lasting effects. Since some countries have accepted it as legal tender unlike back then.

If Fidelity is able to get an ETF approved that would be absolutely huge for bitcoin and the cryptocurrency world/space.  I myself have been eagerly awaiting for an ETF to finally get approved.  On the other hand, I am a bit worried that this might continue to still take some time and even worse, regulation where not only do they not approve an ETF, but they start to "crack down" on crypto.  I fucking hate governments so much, moral of that story.

Lol, funny but yeah, I guess everyone will jump for joy if we ever see it getting approved, however, SEC has been delaying their decision, postponement after postponement and then we highly anticipate it. But at the end of the day, we still getting rejected multiple times already. However, there are countries outside of the US that approved a Bitcoin ETF if I'm not mistaken. Of course, the ace of everything is still US SEC but so far no go for us.

I believe Fidelity wasn’t one of the futures based ETFs, right? If that recollection is accurate, I don’t believe Fidelity’s will be the first to be approved. Given the comments coming out of the SEC, they seem much more open to a futures based ETF, and a handful were immediately submitted after the futures comments from the SEC. I’d say one of them being approved before the end of the year is more likely.

Let's hope so, that finally we will see an approved Bitcoin ETF. Many have tried, already, if I'm not mistaken another huge financial institutions, Van Eyck has filed it previously but rejected.

SEC should look it differently, so instead of looking it wrong way, why not see the positive things that it can bring into the market when they decided to approved it.

Yeah, Canada has the seal of approval already, but you know, the yardstick of them all is still the US SEC. Yep, it was touted to bring the bullish market again after the huge fall in price of bitcoin after the 2017 hype, and yet without any approval, and as the market cycle changes, we got into the bullish trend without it. But just imagine today if by December we have this approval, six digits is doable before the end of the year.

I think it will only have a big impact on the price and the market in general if the ETF is physical replicated then and not synthetic, so that Bitcoins are actually bought. Because otherwise it would hardly differ from the already existing ETN's (VanEck, cryptoShares etc) , of which there are already some and which have not really had an impact in the past.

these bitcoin ETFs are constantly being rejected, so I don't think for the next 2 years they'll be approved maybe the Sec is hoping they have clear laws on bitcoin in the US, I don't know how far the regulatory issue on bitcoin in the US is but I think these constants postponements and rejection may be related to lack of clear bitcoin laws.