SEC Issues Request for CBOE Bitcoin ETF for Comments

nBankruptcy comment: The SEC will seek public comment within three weeks after the Federal Register publishes the CBOE bitcoin ETF listing application, considering the exchange’s requirement to change the two listing rules, and if the change initiative is to be adopted, prompting the first instance of bit Currency Exchange Traded Fund. It is only because the SFC once rejected the listing requirement that there are already two different futures products on the market. Therefore, it is unclear how the SFC audit results can be determined.n
nTranslation: Annie_Xun
The Securities and Exchange Commission (SEC) solicits public comment on two rules change initiatives that, if approved, will put the first example of a Bitcoin exchange-traded fund (ETF) on the market.n
In an effort to solicit public perception of the initiative, a new paper released on December 28 and SEC on January 2 discloses the rule change initiative of the Cboe, Chicago Board Options Exchange, which exempts its bitcoin ETF from Some market rules. December 15 and December 19, changes to the rules involve brokers and advisers who are willing to support the release of the product.n
The SFC’s two documents will allow Cboe to list four ETFs.n
Under certain regulatory policies, fund management company advisers must set up “firewalls” between brokers or dealers that may be associated with themselves. This wall will prevent consultants and brokers from sharing company portfolio information. Other rules prohibit anyone managing the fund from using insider information to increase the value of the fund it holds.n
Because it is considered impossible for Bitcoin to possess the characteristics of commodities that have been manipulated under the existing rules, Cboe asked for a rule exemption and proposed that price controls need to influence the bad guys across the global blockchain.n
Likewise, it is difficult for anyone to grasp the insider trading information due to the nature of the Bitcoin network and its extensive global infrastructure.n
Cboe application said:n
n”There is no insider information on earnings, revenues, company activities or sources, price manipulation in any single place requires the manipulation of global bitcoin prices to take effect, the vast OTC markets provide liquidity and shock absorbency, and the all-weather feature of Bitcoin Provide continuous trading opportunities for all trading venues, no single object can achieve overwhelming market share. “n
nHowever, it is unclear whether the current process will allow Cboe to successfully launch any Bitcoin ETF offering. Reports said that in the past failed to launch the bitcoin ETF efforts, the SEC refused some applications, or force other companies to withdraw their applications.n
So far, the regulator has not approved any bitcoin ETFs, but it is unclear whether the SEC will again reject the application because there are already two different futures products on the market.n
The SEC will accept mail and mail comments within three weeks after the Federal Register publishes the application.n

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