‘Fighting for clarity’ in pursuit of bitcoin ETF

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As applications for a spot bitcoin exchange-traded fund are submitted to the SEC for review, cryptocurrency experts remain cautious about whether the proposed supervisory sharing arrangements will be key to the approval process.

“We will continue to provide more information to our regulators,” Cboe CEO Ed Tilly told CNBC’s Bob Pisani Monday on “ETF Edge.” “We want them to have all the information we have at their fingertips so that oversight and confidence for all investors is top notch.”

Cboe has several bitcoin ETF listing applications on its exchange, including funds from WisdomTree, VanEck, and Ark. This week, the Securities and Exchange Commission acknowledged submissions from several companies, including VanEck and WisdomTree, with those proposals appearing on the federal register on Wednesday.

“It might be a step up, but it’s very hard to handicap what’s going to come out of a regulator,” Tilly said.

Last week, the bitcoin community won a partial victory after a judge in the Southern District of New York ruled that Ripple’s XRP could be considered security in certain cases. The court ruling marked the SEC’s first loss in enforcing its crypto regulations

“Institutional investors who had full disclosure and awareness were offered an investment contract,” Michael Green, chief strategist at Simplify, told Pisani in the same interview. “But the same thing sold in the secondary market to retail investors was not considered a security.”

Green explained that the ruling distinguishing between the sale of XRP depending on whether the tokens were purchased directly or through an exchange was “absurd.”

“I just think it’s a bad decision, but we’ll see how it goes eventually,” he said. “The entire space struggles for clarity.”

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