Financial services firm Fidelity Investments has asked the U.S. Securities and Exchange Commission (SEC) to approve the Bitcoin ETF.
Company executives, including Fidelity Digital Assets Chairman Tom Jessop, held a private meeting with some SEC officials.
Due to the increase in demand for digital assets, the prevalence of similar funds in other countries and the increase in the adoption of Bitcoin, it was the focus of the meeting that the Bitcoin ETF should also be approved in the US.
At the meeting, it was claimed that regulators from Canada, Germany, Switzerland, and Sweden approved Bitcoin products traded on country exchanges.
Responding to the views of SEC Chairman Gary Gensler regarding BTC transactions, Fidelity noted that it is not necessary to strictly comply with the Securities Act of 1933, which was passed to protect investors against misrepresentation and the fraud.
Thinking that this law contains harsh and strict regulations, Fidelity stated that the markets have matured because they are now more transparent and established.
“We believe that Bitcoin futures products are not a necessary intermediate step before a Bitcoin ETP; As the Bitcoin market matures and can support them, companies should be able to meet investor demand for direct exposure to Bitcoin through ETP. “
Fidelity applied for a publicly traded Bitcoin product called the Wise Origin Bitcoin Trust in March 2021, but there has been no positive result from the SEC since then.
The SEC continues to maintain its delaying stance on this issue. He is expected to make a decision on this in November.