Bitcoin ETFs options in limbo as NYSE withdraws proposal
The post Bitcoin ETFs options in limbo as NYSE withdraws proposal appeared on BitcoinEthereumNews.com.
NYSE American has withdrawn its proposal for Bitcoin ETF options. Increased regulatory concerns and SEC delays cause uncertainty. In a sudden turn of events, the NYSE has abandoned its plan to list Bitcoin [BTC] ETF options. The withdrawal has added uncertainty to the continued approval of various financial products. Multiple stakeholders, traders, and analysts have reported the development. For instance, James Seyffart reported the development through X (formerly Twitter) page, reporting that, “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 report, NYSE withdrew its plans to list and trade options for two spot Bitcoins ETFs. The filing with the SEC planned to list ETF options for Grayscale Bitcoin and Bitwise BTC ETFs. The withdrawal follows a long list of recent such decisions by various firms. A week ago, various exchanges withdrew such proposals, such as the MIAX Pearl and BOX exchanges. Equally, CBOE withdrew the application last week but returned again to make a similar filing. Although the withdrawal causes uncertainty, CBOE re-filing gives hope for SEC approval in the future. Regulatory issues around BTC ETFs The major cause of the withdrawal is the growing regulatory uncertainty in the U.S. amid delays from the SEC. Over the past, since the approval of the first ETFs in January, the SEC has delayed and postponed clearance for various ETFS. Thus, these exchanges have pursued the agency by submitting plans only to withdraw them later, indicating existing regulatory issues. SEC has failed to provide clear Bitcoin ETF choices because of its protracted review procedures and delays. Impact on crypto market Source: Farside Investors Undoubtedly, the withdrawal of NYSE’s plans and similar decisions…
Filed under: News - @ August 16, 2024 2:22 pm