US Spot Bitcoin ETF Options
The approval of US spot Bitcoin ETF options may encounter lengthy delays in the regulatory process, potentially diminishing the appeal of these products, industry experts say. The recent approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) marked a significant moment for the crypto industry. However, despite 10 products actively trading since January 11, the introduction of options has stalled due to the lack of an established regulatory framework.
The delay in Bitcoin ETF options stems from the absence of a defined regulatory process. While the SEC oversees changes in technical rules, the consideration of Bitcoin's commodity status may also require approval from the Commodity Futures Trading Commission (CFTC). Additionally, the CFTC is addressing jurisdictional and regulatory issues related to products associated with spot Bitcoin ETFs.
This regulatory framework introduces additional complexity and potential regulatory challenges. The absence of options may pose challenges for risk management for large investors. The potential outcome mentioned by analysts could hinder investments in ETFs with a potential scale of up to $100 billion and weaken their participation.
According to Reuters, Isa Adaf, a law professor at Vanderbilt University, stated that this barrier could lead to some major investors completely exiting the market. Furthermore, the delay hinders the crypto industry's goal of introducing more innovative crypto products and acts as a barrier to regulatory approval.
John Rogier, Vice President of FalconX, emphasized that the industry aims to expand its scale but highlighted that the regulatory environment is a significant obstacle. He stated, "The market wants to go that way, but the regulators are the gatekeepers." Additionally, it is worth noting that while such dual regulatory interventions are not common, they are not rare either.
When will spot Bitcoin ETF options be approved?
The current situation may reflect the timeline of over three years for SPDR Gold Shares ETF options to obtain CFTC approval. Specifically, in 2010, regulatory agencies did not approve applications for options on platinum and palladium ETFs. Martin Leinweber, a digital asset product strategist, predicted that the approval process could take 2 to 10 months.
Nasdaq, the Chicago Options Exchange, and the New York Stock Exchange applied for approval from the SEC in January and are expected to list options later in 2024. However, the Options Clearing Corporation (OCC) is awaiting CFTC approval as it is responsible for option clearing.
The OCC is in discussions with regulatory agencies regarding the necessary approvals but declined to comment on potential timeframes. Additionally, it is expected that exchange executives and CFTC officials will soon meet to discuss this matter.
Adam Sze, Global Head of Digital Asset Products, stated that the delay in options is not surprising, considering that it has been over a decade since the SEC approved Bitcoin ETFs. He also mentioned, "Overall, a few months for listing options is not considered long."
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