President CBOE is confident in the readiness of the market to launch bitcoin ETP

According to the letter sent to the Commission on securities and exchange Commission (SEC), CEO of CBOE Global Markets believes that the market can support the launch of a bitcoin exchange-traded product (ETP).

Chris Concannon (Chris Concannon), the President of the company that are not directly urged the Agency to approve such a product. He cited data collected by his firm as part of the launch
futures on bitcoin to the end of last year, which confirms that the market is moving in the direction of supporting ETF cryptocurrency.

His letter was a response to the January statement by the SEC, in which the Commission stated its concern about the approval of ETF work, citing market fragmentation and lack of investor protection. In its response, Concannon noted that despite his age, the bitcoin markets «are developing rapidly», says about the prospects for exchange-traded products (ETP) in the future. He added:

«While the current volume of futures trading on bitcoin exchange CBOE Futures Exchange and CME may not be sufficient to support ETP. CBOE expects that they will continue to grow in the near future reach the levels required for running ETP».

In addition, he noted that the markets of the state of cryptocurrency and gold are «perhaps even more fragmented» than the cryptocurrency markets, and that «there is much more opportunity to access to foreign exchange markets.»

«We believe that the vast majority of problems can be solved within the existing rules for the funds associated with listed products, their rating, liquidity, storage, arbitration and transactions with them,» the letter reads.

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