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Fidelity lobbies SEC to approve Bitcoin ETF in private meeting

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Fidelity lobbies SEC to approve Bitcoin ETF in private meeting. According to Fidelity, by the SEC’s own rules, Bitcoin markets have already matured.

Fidelity Investments, a global financial services company, has petitioned the SEC to approve its Bitcoin exchange-traded fund (EFT).

On September 8, Fidelity Digital Assets President Tom Jessop. In addition to six of the firm’s executives, and numerous SEC officials met in private. Moreover, The finance professionals outlined a number of reasons why the investment product should be approved by the regulator. Particularly, Increased demand for digital assets and associated goods. As well, the ubiquity of such funds in other countries and the rise of BTC usage, are among these factors.

Bitcoin exchange-traded products (ETPs)

Global developed market authorities have approved Bitcoin exchange-traded products (ETPs) in Canada, Germany, Switzerland, and Sweden. According to a Fidelity presentation from the conference describing the merits of a Bitcoin product.

Fidelity disputed that strict commitment to either a 1933 law permitting stock exchanges to list the products or permitting futures-only products was not indispensable because the market had matured, in response to SEC chair Gary Gensler’s notes the previous month about the prospect of reviewing only BTC futures products.

Following the stock market crisis of 1929, the Securities Act of 1933 was enacted to safeguard investors by establishing prohibitions against misrepresentation and fraudulent conduct. These restrictions, according to Fidelity, are overly strict, and markets are now more transparent and established.

According to the SEC’s own definitions, the market has already grown to “substantial size” and has deep liquidity.

Wise Origin Bitcoin Trust

Fidelity applied for the Wise Origin Bitcoin Trust, a Bitcoin exchange-traded product, in March 2021, and more than 20 other corporations have filed similar applications since then, but the regulator has yet to act.

Following a filing on September 14, the Bitwise Bitcoin Strategy ETF became the latest added to the SEC’s growing application backlog.

Despite regulatory obstacles, Fidelity Digital Assets continues to grow its activities. According to Bloomberg, the company wants to boost its crypto-asset staff numbers by up to 70% by the year’s end.

The SEC is moving at its own leisurely pace, deferring VanEck’s proposed Bitcoin Trust ETF for the third time this year on the same day as the Fidelity conference, pushing the decision date back to November 14.

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