The April 8 delay decision impacts proposed options trading on spot Bitcoin ETFs on the New York Stock Exchange, namely those from Bitwise and Grayscale.
The United States securities regulator has delayed its decision on whether to allow the New York Stock Exchange to offer options trading on spot Bitcointo the April 8 filing, the Securities and Exchange Commission’s pushback will impact options trading on the Bitwise Bitcoin ETF , the Grayscale Bitcoin Trust and any other trust that holds Bitcoin on the NYSE.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,” the securities regulator said.The next deadline for the SEC to either approve, deny or delay the proposed rule change on the NYSE is on May 29.
If Bitcoin rises over the month, the trader could use their option, buy Bitcoin at the lower price, and maybe sell it for a profit. If it sinks, they’d likely just let the contract expire and forfeit the premium paid.In a Feb. 28 letter, Sonnenshein argued there’s no reason to knockback options trading on the spot Bitcoin ETFs as the SEC has already approved Bitcoin futures ETFs and spot Bitcoin ETFs on the NYSE.NYSE filed a 19b-4 form proposing options trading on Bitcoin ETFs on Jan.
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