Sumary of Fidelity pushed for its bitcoin ETF in a private meeting with the SEC as the regulator stalls on making its 1st approval:
- Sopa Images/Getty Images Fidelity officials met the SEC privately to push for its bitcoin ETF as the regulator still hasn’t approved one.
- The investment firm argued that the bitcoin market has matured and can support such funds.
- They also pointed to the existence of these products in Canada, Germany, Switzerland, and Sweden.
- Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.
- They cited an in-house survey that found bitcoin exchange-traded products hold massive appeal, US institutions have a strong interest in digital assets, and a significant number of institutional investors currently hold cryptocurrencies.
- Fidelity also said market regulators have already approved bitcoin ETPs in Canada, Germany, Switzerland, and Sweden.
- The firm held the meeting with the SEC as the US continues to delay approval of these investment products.
- It has extended the decision to approve VanEck’s ETF by 60 days to November 14.SEC Chair Gary Gensler has been somewhat open to bitcoin ETFs, suggesting those that comply with the strictest rules for mutual funds could provide investor protection.