Bitcoin’s Potential Climb With SEC’s ETF Decision Delay
The US Securities and Exchange Commission (SEC) has postponed its decision on whether to allow the New York Stock Exchange (NYSE) to start option trading for spot Bitcoin ETFs. The decision is set for May 29, 2024.
The NYSE is seeking approval to initiate option trading for approved Spot Bitcoin ETFs issued by Bitwise and Grayscale.
The SEC’s strict stance on crypto has led to significant negative discrimination, with two of its five members speaking of their institution trying to strangle crypto companies. If the SEC allows options on May 29, it could be a significant opportunity for the NYSE, as the SPDR Gold Shares ETF (GLD) has 2.8 million option contracts in open interest. If BTC achieves a similar outcome, it could result in an initial price increase with massive additional demand.
(With inputs from Shikha Singh)
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