US delegation urges SEC approval for Bitcoin options trading

adminMay 4, 2024

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In recent developments, U.S. Representatives Mike Flood and Wiley Nickel have made significant efforts to get the Securities and Exchange Commission (SEC) to allow options trading on Bitcoin exchange-traded products (ETPs). They expressed their concerns in a letter to SEC Chairman Gary Gensler, emphasizing the need to eliminate discriminatory practices against cryptocurrency funds.

Lawmakers advocate for equal treatment of Bitcoin-related financial products

A bipartisan letter from Flood and Nickel to the SEC Chairman emphasized the importance of immediately authorizing spot Bitcoin ETP options trading. They highlighted inconsistencies in the SEC’s handling, contrasting currently traded Bitcoin futures ETF options with spot Bitcoin ETP options. Lawmakers demanded recognition or a comprehensive explanation for this discriminatory treatment.

Options are versatile financial instruments that provide their holders the freedom to buy or sell a specific asset, such as Bitcoin, at a predetermined price within a stipulated period of time. These tools are primarily utilized for hedging purposes, mitigating price risk, limiting potential losses and allowing investors to seek additional returns through a variety of strategic strategies.

The request for approval is rooted in lawmakers’ belief that such a move is essential to the investor protections the SEC seeks to uphold. The SEC’s decision-making delay affected several applications, including those from major financial markets including the New York Stock Exchange, Nasdaq, and Cboe Global Markets, all of which were filed in January.

Notably, Nasdaq has proposed listing and trading options on the BlackRock-managed iShares Bitcoin Trust, and Cboe plans to enable options trading on various Bitcoin funds. Likewise, the NYSE has shown interest in offering options trading on the Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and other Bitcoin holding trusts.

Additionally, the SEC has launched a new consultation on proposed rule changes that would allow options trading on Bitcoin funds. The plan, revealed in an April 24 filing, aims to scrutinize the potential impact of Bitcoin options on market stability, especially during times of high volatility. The agency is keen to determine whether existing market surveillance and regulatory mechanisms are adequate to handle the complexities associated with Bitcoin options. Stakeholders were invited to submit comments by May 15, with a deadline for rebuttal comments set for May 29.

.@SECgov We need to stick to our core mission of regulating financial markets and move away from our new hobby of dabbling in climate alarm.
Learn more about the Securities and Exchange Commission’s radical climate disclosure rules and why we need to enforce them ⬇️ pic.twitter.com/72jfAH8UwY
— Rep. Mike Flood (@USRepMikeFlood) May 2, 2024

Sealana: A New Meme Coin Inspired by Pop Culture

The cryptocurrency landscape is constantly evolving, and amid the recent fluctuations caused by Bitcoin’s halving, meme coins stood out by providing significant profits in a short period of time. This shift has shifted market sentiment between major cryptocurrencies from extreme greed to neutral, paving the way for new meme assets to emerge.

Meet Sealana, a new entrant to the meme coin market, inspired by the food-loving character from the hit TV show South Park. Although it was reconstructed as a seal. Sealana is not just a meme coin. It is designed to take advantage of trading opportunities within the Solana ecosystem.

Sealana’s design and ethos resonate within the cryptocurrency community, reflecting the current market fascination with meme coins. Sealana’s creators are also believed to be connected to the Slerf project, which aims to move beyond previous controversies and establish a legitimate presence in the market.

Participating in Sealana is simple. Investors send SOL to the designated address on the Sealana official website and receive SEAL tokens in return. The initial rate is 6,900 SEAL tokens per SOL. The project quickly demonstrated its potential by raising over $120,000 on the first day, indicating strong market interest and promising prospects for this new meme coin.

Visit Silana