Financial services firm Fidelity Investments has called on the US Securities and Exchange Commission (SEC) to approve the Bitcoin ETF.
Company executives, including Fidelity Digital Assets President 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 Bitcoin adoption, it was the focus of the meeting that the Bitcoin ETF should also be approved in the US.
At the meeting, it was stated that regulators in Canada, Germany, Switzerland and Sweden approved Bitcoin products traded on country exchanges.
In response to SEC chairman Gary Gensler’s opinions regarding BTC transactions, Fidelity pointed out that it is not necessary to strictly comply with the Securities Act of 1933, which was passed to protect investors against misrepresentation and 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 ETPs.”
Fidelity applied for an exchange-traded Bitcoin product called 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.