NYSE Drops Bitcoin ETF Options Plan
Date: 2024-08-16 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The operator of the New York Stock Exchange (NYSE) has decided to withdraw its application for changes to its trading rules that would allow the listing and trading of options based on the Bitwise Bitcoin ETF and Grayscale Bitcoin Trust. The decision was recorded in a filing with the U.S. Securities and Exchange Commission (SEC).
The NYSE’s application was filed back in February 2024, when the SEC opened it for public comment. However, the review process was repeatedly extended, and in April 2024, the SEC initiated a formal hearing on the matter. Despite expectations of a final decision, NYSE decided to withdraw its proposal before the process is complete.
A similar move was made by the Chicago Board Options Exchange (CBOE), where several Bitcoin ETFs are traded. Although the CBOE also withdrew its application, the exchange quickly submitted a new, much more detailed proposal, Bloomberg analyst James Seyffarth reported.
It is worth noting that the SEC has not yet provided any public comments or feedback on these issues.
Earlier, in May 2024, the NYSE announced plans to list options on index funds tracking the price of bitcoin, using the CoinDesk Bitcoin Price Index as the underlying indicator.
Thus, exchanges continue to strive to integrate crypto assets into traditional financial markets, despite the need to revise their strategies and approaches in the face of strict regulation.
