A bipartisan duo of US congressmen is said to be requesting approval from the U.S. Securities and Exchange Commission (SEC) for options trading on spot Bitcoin exchange-traded funds (ETFs). According to a letter sent to SEC chair Gary Gensler, Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) argue that granting approval for options trading on Bitcoin ETFs is of utmost importance to investors, whom the SEC aims to safeguard. The letter urges the SEC to promptly approve options on spot Bitcoin exchange-traded products (ETPs) or provide an explanation for the disparity in treatment between options for Bitcoin futures ETFs, which are currently being traded, and options for spot Bitcoin ETPs. Various exchanges, including Cboe, BOX, MIAX, Nasdaq ISE, and NYSE American, have submitted filings to the SEC to offer options trading on the newly introduced Bitcoin ETFs. The SEC has yet to act on these proposals and is currently seeking public input on rule changes that would allow for options trading on Bitcoin funds. The agency emphasizes that the proposed rule changes should align with the provisions in the Securities Exchange Act, which aim to safeguard the interests of investors and the general public.
