CBOE Global Markets Inc. could well become the first company to win approval for a bitcoin ETF, but whether that coveted accomplishment materializes remains to be seen.

For his part, Chris Concannon, CBOE’s president and CEO, said that he is optimistic that the Securities and Exchange Commission will grant his wish, but he recognizes that there are challenges remaining, according to Bloomberg.

Challenges Remain

The SEC last week postponed acting on a proposal to allow such a fund from SolidXPartners Inc. and VanEck Associates Corp. to list on CBOE, underscoring the commission’s wariness of a bitcoin ETF. The commission had previously rejected an ETF proposal from Cameron and Tyler Winklevoss, owners of the Gemini Trust Co. cryptocurrency exchange, as well as an earlier solo proposal from SolidXPartners Inc.

The vigilance reflects the SEC’s concern about possible manipulation in the largely unregulated cryptocurrency market.

CBOE and fellow Chicago exchange CME Group Inc. both began offering bitcoin futures contracts in December, the first significant bitcoin entries into mainstream finance. Such futures are traded in regulated markets and could provide the foundation for an ETF instead of the cryptocurrency itself.

CBOE Addresses SEC Concerns

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