The approval of BTC ETFs has long been pending in the United States. It is a sentiment shared by many BTC supporters, which is also supported by Hester Peirce, Commissioner of the Securities and Exchange Commission. Now, Fidelity, an investment firm, said in a private meeting that the SEC needed to bring a BTC exchange traded fund to the United States.
Fidelity highlights the growing demand for BTC, hoping the SEC will approve the ETF
At a private meeting via video call earlier this month, Tom Jessop, president of Fidelity Digital Assets, spoke about key points in support of his reasons for the SEC’s actions.
Key points raised in support of their challenge include the high level of holding of BTC by investors and institutions, as demand for crypto assets has risen sharply since the end of last year.
He also mentioned the speed with which smaller countries have adopted BTC ETFs over the years. Given that these countries are experiencing significant volumes after the launch of the ETF, it is likely that the US will be even more successful if they follow them.
In particular, Fidelity addressed the comments of SEC President Gary Gensler, who previously said that the chances of approving BTC ETFs depend to a large extent on whether they meet the strictest mutual fund providers. However, Commissioner Peirce countered that these laws were too strict and difficult for applicants to fully comply with.
Gensler also mentioned a greater chance of approving ETFs based on BTC futures.
“Products based on BTC futures are not a necessary step before the approval of BTC publicly traded products. Companies should be able to meet investors’ demand for direct exposure to BTC through ETFs registered under the laws of the 1930s, as the BTC market has matured,” Fidelity said in a presentation.
Nicole Abbott, Fidelity spokeswoman, also spoke on the matter:
“An ever-widening range of investors seeking access to BTC has highlighted the market’s need for a more diversified set of products that offer exposure to digital assets to meet demand.”
There are currently 12 active BTC ETF applications on the SEC table, including one from Fidelity. Any of the ETF products can see the light in the USA in the long run. It is also possible that multiple products may be approved at the same time. However, how quickly this will happen is a question that no one still knows the answer to, although the market hopes the ETF will be launched this year.
- Bitcoin Whales Cash In Millions Amid Recent Rally - November 20, 2024
- Hidden Pattern on XRP Charts Suggests a 500% Surge – Is It Finally Moon O’Clock? - November 20, 2024
- $PNUT Up 325% In 7 Days, Heading To New Record – Will This New Altcoin Be The Next Hot Deal? - November 19, 2024
