On March 13, American derivatives market CME announced the launch of Bitcoin (BTC) futures event contracts. The exchange, which is fully regulated and has passed regulatory scrutiny, will allow cash-settled daily expiring contracts linked to bitcoin futures, with a “less expensive way for investors to share their views on bitcoin’s ups or downs.” to act. Tim McCourt, Global Head of Equity and FX Products at CME Group commented:
Our new event contracts on bitcoin futures offer a low-risk, highly transparent way for a wide range of investors to access the bitcoin market through a fully regulated exchange. These daily expiring cash settled contracts will further complement our existing suite which has traded over 550,000 contracts to date.
On March 10, Cointelegraph reported that asset manager VanEck’s spot bitcoin trust application was denied by the US Securities and Exchange Commission (SEC). The commissioners noted that the SEC had denied every application filed for a spot bitcoin trust, totaling nearly 20 in the past six years.
Days earlier, digital currency management firm Grayscale released a transcript related to its ongoing lawsuit with the SEC over refusal to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. According to the transcript, Judge Neomi Rao commented:
“Because it seems to me that these things are, I mean, you know, essentially just a derivation of the other. They move together 99.9% of the time. So where is the gap in the Commission’s view?”
GBTC is currently trading at a discount of 38.19% to NAV, down from an all-time low of 50%. The company’s litigation with the SEC is ongoing.
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