Fidelity Investments has not lost hope of launching a Bitcoin ETF and held a presentation for the SEC as part of a closed meeting in an attempt to convince the regulator to approve the exchange-traded product.
A closed meeting between representatives of the US Securities and Exchange Commission (SEC) and seven Fidelity Investments employees, including Fidelity Digital Assets President Tom Jessop, took place last week.
Fidelity Investments executives have outlined a number of reasons why the regulator should approve the company’s application to launch a Bitcoin ETF. These include the increased demand for digital assets and related products, the launch of similar funds in other countries, and the growing popularity of Bitcoin.
Bitcoin ETFs have already been approved in Canada, Germany, Switzerland and Sweden, according to Fidelity’s presentation. In response to comments from the SEC chairman last month about the possibility of considering ETFs on BTC futures, Fidelity said that strict compliance with the 1933 law was no longer necessary as the market matured.
“We believe that the launch of a product based on BTC futures does not represent a necessary milestone before the launch of the ETP. Firms need to be able to meet investor demand for direct access to bitcoin via ETP because the market is ripe. ”
Fidelity claims that the market has already reached “significant size” and has high liquidity in line with SEC standards.
Grayscale CEO recently suggested that the SEC is unlikely to approve ETFs for BTC futures, as such an exchange-traded fund would be expensive and economically ineffective. Earlier, leading analysts at Bloomberg suggested that the SEC would soon approve the launch of an ETF on bitcoin derivatives, and the exchange-traded fund would be launched by the end of October.