Fidelity Holds Private Meeting With SEC On Bitcoin ETF Approval – Bits Media

Fidelity Investments does not lose hope of launching Bitcoin ETF and held a presentation for the SEC as part of a closed meeting in an attempt to convince the regulator of the need to approve the exchange-traded product.

Closed meeting between representatives of the Securities and Exchange Commission USA (SEC) and seven Fidelity Investments employees, including Fidelity Digital Assets President Tom Jessup (Tom Jessop), took place last week.

Fidelity Investments executives have outlined a number of reasons, according to which the regulator must approve the application filed by the company to launch an ETF on bitcoin. These include increased demand for digital assets and related products., the launch of similar funds in other countries and the growing popularity of bitcoin.

According to Fidelity presentation, Bitcoin ETF Already Approved in Canada, Of Germany, Switzerland and Sweden. In response to comments from the SEC chairman last month about the possibility of considering ETFs on BTC futures, Fidelity stated, that strict adherence to the law 1933 years are not so necessary anymore, since the market has matured.

"We believe, что запуск продукта на основе фьючерсов BTC не представляет собой необходимый промежуточный этап перед запуском ETP. Firms must 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, which complies with SEC standards.

Grayscale CEO recently suggested, that the SEC is unlikely to approve an ETF on BTC futures, since such an exchange-traded fund would be expensive and economically ineffective. Earlier, leading analysts at Bloomberg suggested, that the SEC will soon approve the launch of an ETF on bitcoin derivatives, and the exchange-traded fund will be launched by the end of October.