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In a recent development, US Representatives Mike Flood and Wiley Nickel have made a significant effort to have the Securities and Exchange Commission (SEC) accept options trading on bitcoin exchange-traded products (ETPs). They expressed their concerns in a letter to SEC Chairman Gary Gensler, emphasizing the need to eliminate any discriminatory practices against cryptocurrency funds.
Lawmakers advocate for equal treatment of bitcoin-related financial products
The bipartisan letter articulated by Flood and Nickel to the SEC Chairman highlighted the importance of quickly approving options trading on spot bitcoin ETPs. They highlighted a discrepancy in treatment by the SEC, contrasting currently traded bitcoin futures ETF options with spot bitcoin ETPs. Lawmakers demanded approval or a thorough explanation of this differential treatment.
Options are versatile financial instruments that provide the holder with the freedom to buy or sell a specific asset, such as bitcoin, at a predetermined price within a stipulated time frame. These tools are primarily used for hedging purposes to mitigate price risks, limit potential losses, and allow investors to seek additional income through various strategic maneuvers.
The call for approval is based on lawmakers' belief that such a measure is essential for investor protection, something the SEC intends to defend. The delay in the SEC's decision-making has affected several applications, including those from major financial markets such as the New York Stock Exchange, Nasdaq and Cboe Global Markets, all of which were filed as early as January.
Specifically, Nasdaq has proposed listing and trading options on the iShares bitcoin Trust managed by Black Rock, while Cboe plans to allow options trading on a variety of bitcoin funds. Additionally, the New York Stock Exchange has shown interest in offering trading options on the New York Stock Exchange. Bit by bit bitcoin ETF, Grayscale bitcoin Trust and other bitcoin holding trusts.
Additionally, the SEC has launched a new round of consultations on proposed rule changes that would allow options trading on bitcoin funds. This initiative, revealed in a presentation on April 24, aims to examine the potential impact of bitcoin options on market stability, especially in volatile conditions. The agency is interested in determining whether existing regulatory and market surveillance mechanisms are adequate to handle the complexities associated with bitcoin options. Interested parties were invited to submit comments by May 15, and the deadline for rebuttal comments was May 29.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.390243902439″>
.twitter.com/SECGov?ref_src=twsrc%5Etfw”>@SECgov It should stick to its core mission of regulating financial markets and abandon its new hobby of dabbling in climate alarmism.
More on the Security and Exchange Commission's sweeping climate disclosure rule and why it should go away pic.twitter.com/72jfAH8UwY
— Representative Mike Flood (@USRepMikeFlood) twitter.com/USRepMikeFlood/status/1786079168221827571?ref_src=twsrc%5Etfw”>May 2, 2024
Sealana: a new meme coin inspired by pop culture
The cryptocurrency landscape is continually evolving, and amid the fluctuations following the recent bitcoin halving, meme coins have stood out for delivering substantial gains in short periods. This shift has seen market sentiment among major cryptocurrencies shift from extreme greed to neutrality, paving the way for the rise of new meme assets.
Enter Sealana, a new entrant to the meme coin market, which takes inspiration from a food-loving character from the popular TV show South Park, albeit reimagined as a seal. Sealana is not just another meme coin; is designed to take advantage of business opportunities within the Solana ecosystem.
Sealana's design and ethos resonates with the crypto community, reflecting the current market's fascination with meme coins. It is speculated that the creators behind Sealana are also linked to the Slerf project, aiming to build a legitimate presence in the market, overcoming previous controversies.
Participating in Sealana is simple. Investors send SOL to a specific address on the official Sealana website and receive SEAL tokens in return, with an initial rate of 6,900 SEAL tokens per SOL. The project quickly demonstrated its potential by raising over $120,000 on its first day, indicating strong market interest and a promising outlook for this new meme coin.
Visit Sealana
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