Cboe withdrew and resubmitted its application yesterday to list options on spot Bitcoin exchange-traded funds (ETFs), raising speculation that the U.S. Securities and Exchange Commission (SEC) could become involved in the process.

Bloomberg Intelligence analyst James Seyffart said he expects options on spot Bitcoin ETFs to be available in the fourth quarter of 2024. Seyffart stressed that the SEC’s final decision should be made by the end of September, but other regulatory bodies such as the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC) could also be involved in the process.

However, Miami International Securities Exchange, MIAX PEARL and BOX Exchange have withdrawn their applications to list spot Bitcoin ETF options. Seyffart said that the withdrawal of these three small exchanges did not have a significant impact on the market, and that the applications of large exchanges such as Nasdaq, NYSE and Cboe were more important.

Bloomberg Intelligence analyst Eric Balchunas said applications from major exchanges were still active and were likely to receive approval by the end of the year.

Talks between the SEC and Cboe are ongoing. Seyffart said there was “definitely some movement” after Cboe withdrew its application. However, Cboe quickly updated and resubmitted the application.

The new filing includes a proposed rule change that would allow spot Bitcoin ETF options trading for companies including Fidelity, Ark Invest/21Shares, Invesco, Franklin Templeton, VanEck, WisdomTree, Grayscale, Bitwise, BlackRock, and Valkyrie. Seyffart noted that the new filing is more comprehensive and that the SEC may have already reported back to the exchange.

Refiling the application could affect the process’s timeline, with a final decision expected to be made as late as April. However, if dialogue between the SEC and Cboe continues, the significance of this delay could be reduced.

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