Fidelity and SEC meet to discuss spot Bitcoin ETF application

The United States Securities and Exchange Commission (SEC) recently met with Fidelity Investments to seek additional clarity on its spot Bitcoin exchange-traded fund (ETF) application. According to a filing published on Dec. 7, two Cboe BZX Exchange representatives, six SEC personnel and nine Fidelity personnel met to discuss the workings of the Wise Origin Bitcoin Trust. The filing incorporated PowerPoint slides used during the meeting to illustrate the operational framework of the Bitcoin ETF. Fidelity submitted a spot Bitcoin ETF application to the SEC on June 19, shortly after BlackRock and several other asset managers filed for the product. However, the SEC previously rejected Fidelity’s application for a spot Bitcoin ETF in 2022. This comes after recent news that the SEC is meeting with spot Bitcoin ETF applicants to discuss various aspects of their applications. Cointelegraph recently reported that based on industry insider knowledge, the meetings discussed “key technical details” related to U.S. exchanges listing shares of a spot Bitcoin ETF. However, memos released by the SEC in November showed the commission separately met with representatives of BlackRock and Grayscale. There has been much speculation in recent times over when a spot Bitcoin ETF will be approved.