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Cryptocurrency News Articles
NYSE Abandons Plan to List Bitcoin (BTC) ETF Options, Adding Uncertainty to Regulatory Approval
Aug 16, 2024 at 08:30 pm
Multiple stakeholders, traders, and analysts have reported the development.
NYSE Abandons Plan to List Bitcoin ETF Options, Adding Uncertainty to Approvals
In a surprising turn of events, the NYSE has withdrawn its plans to list options for Bitcoin (BTC) exchange-traded funds (ETFs). This move adds another layer of uncertainty to the fate of several crypto financial products.
Several traders, analysts, and stakeholders reported this development. For example, James Seyffart shared the news on his X (formerly Twitter) page, stating,
“NASDAQ & NYSE have joined CBOE in withdrawing their applications to allow options to trade on the Bitcoin ETFs. I’m expecting them to re-file over the coming days or weeks like we saw from CBOE.”
According to an official filing, NYSE withdrew its plans to list and begin trading options for two spot Bitcoin ETFs. The filing with the Securities and Exchange Commission (SEC) was to list ETF options for the Grayscale Bitcoin and Bitwise BTC ETFs.
This withdrawal comes after a string of recent decisions by several firms to do the same. A week ago, several exchanges withdrew such proposals, including the MIAX Pearl and BOX exchanges.
Similarly, CBOE withdrew an application last week but returned again to make a filing of the same nature. While the withdrawal does raise questions, CBOE’s re-filing leaves the door open for SEC approval in the future.
Regulatory Issues Plague BTC ETFs
The main reason for this withdrawal seems to be the increasing regulatory uncertainty in the U.S., with the SEC’s delays playing a role.
Over the past several months, since the approval of the first ETFs in January, the SEC has delayed and postponed the approval of several ETFs.
As a result, these exchanges have attempted to engage the agency by submitting plans, only to withdraw them later, highlighting the regulatory issues at hand.
The SEC has failed to clear the path for Bitcoin ETF approvals due to its lengthy review processes and delays.
Impact on the Crypto Market
This withdrawal of NYSE’s plans, along with similar decisions by other exchanges, will have a significant impact on the crypto market.
Approving BTC ETF options provides investors with opportunities to hedge and bet on the price. Hence, the lack of options puts investors and the crypto market at a disadvantage.
At the time of writing, BTC ETFs were seeing positive inflows, according to data from Coinglass. Over the past 24 hours, the asset recorded a net flow of $11.1 million, out of a total inflow of $53.74 billion.
This data suggests an increased demand for ETFs, with investors showing keen interest. Hence, the recent development by the NYSE to withdraw their proposal is a setback for the market.
There was thus positive market sentiment towards Bitcoin ETFs, and providing investors with more options is a win for the market.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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