Popular gold bug and crypto-critic Peter Schiff called out Michael Saylor for his continual advocacy of Bitcoin on Monday. He suggested that the executive chairman of MicroStrategy ought to face charges from the Securities and Exchange Commission (SEC) for his actions. Pumping Crypto Securities Schiff’s comments were a response to the SEC’s reveal of charges against the American celebrity Kim Kardashian on Monday. Kardashian agreed to pay nearly $1.3 million for failing to disclose her paid promotion of the crypto…
Fidelity investment firm argues that Bitcoin global markets have already reached maturity. The financial firm recently urged the United States Securities and Exchange Commission (SEC) to approve Bitcoin ETFs. Fidelity presented its Bitcoin exchange-traded fund (ETF) to SEC officials on September 8th.
The officials present in the private meeting included several SEC officials. Also, six Fidelity firm executives and Tom Jessop – Fidelity Digital Asset President, were also there. Furthermore, the finance executives present laid out reasons SEC regulators should approve EFT. Some of the reasons included a high appetite for digital assets and increased use for DeFi products. Lastly, they also mentioned the rise in Bitcoin (BTC) adoption as an influential factor for EFT approval.
Fidelity’s Case Product Presentation
In their presentation, Fidelity outlined the benefits of Bitcoin on a global scale. Subsequently, they argued that international regulators approved Bitcoin-exchange traded products (EFT) in Sweden, Canada, Germany, and Switzerland.
They pointed out that the 1933 law allowing the listing of stock exchange products is no longer a sustainable argument. The connotation follows the fact that the general market matured. The strength of the statement followed SEC Chair Gary Gensler’s comments on the possibility of reviewing Bitcoin’s future products.
After the stock market crash of 1929, the Security Act of 1933 passed. Its main aim was to protect investors against fraudulent activities and misrepresentation of trading interests. However, Fidelity’s strong beliefs indicate the laws are too stringent for an already transparent and established market.
Uncertain Cryptocurrency Ambitions
As per SEC’s standards, the executive team at Fidelity argues Bitcoin has reached a considerable size with deep liquidity. Fidelity’s push for Bitcoin ETF approval follows an existing need. Soon after they filed for West Origin Bitcoin Trust in March 2021, other 20 similar applications followed from independent firms.
On Tuesday, developers added a Bitwise Bitcoin strategy ETF to the long list of firms seeking SEC approval. Recently, Fidelity Digital Assets expanded globally despite the SEC’s regulation resistance. According to Bloomberg, the firm intends to increase crypto employees by 70% by the end of the year.
SEC is taking its time that some investors consider as being delay. Consequently, the SEC has postponed VanEck’s Bitcoin Trust ETF about three times. Similarly, the watchdogs delayed Fidelity’s decision, setting the deciding date at November 14th. The idea presented by Fidelity to the SEC is one they are slow to embrace.
Several firms are working to develop and launch Bitcoin futures-based ETFs to broaden virtual crypto access. However, none of the ETF proposals has received the green light from the SEC.