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Fidelity Lobbies SEC to Approve Bitcoin ETF in Private Meeting

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Sep 17, 2021

The majority of the Fidelity members in a recent meeting argued that Bitcoin markets have reached the maturity level according to the parameters set up by the SEC.   Fidelity a multinational financial investment firm in a recent meeting used its lobby to convince the United States Security and Exchange Commission to allow the firm to establish its Bitcoin exchange-traded fund (ETF). Fidelity believes that the current Bitcoin markets have not just shown resistance against the market volatility. But it has also shown price stability. It shows that Bitcoin-oriented markets have reached the level of maturity demanded by the U.S sec.

Back on September 8th, Fidelity Digital Assets and SEC officials held a meeting. The meeting was attended by the Fidelity Digital Assets president Tom Jessop, six of the firm’s executives, and several SEC officials. Fidelity digital’s financial team has brought up multiple arguments why the US Security and Exchange Commission should approve the investment product idea proposed by Fidelity Digital. The team said that the price sustainability of bitcoin, increased demand for cryptocurrencies, the emergence of similar funds, and legal acceptance of Bitcoin: all these signs show that Bitcoin has become mature, and it is one of the most prestigious digital assets. Hence, there should be no second thoughts among the SEC members when it comes to the approval of the ETF proposed by Fidelity Digital.

Fidelity digital also projected the benefits the global digital world will be getting, if the proposed project is accepted by the SEC. However, the same nature of products is being approved by the authorities in Canada, Germany, Switzerland, and Sweden. Over the past couple of months, there has been a surge in the popularity of bitcoin and regulatory authorities are amending their policies in the favor of Bitcoin markets. However, the US Security and Exchange Commission is still skeptical of Bitcoin markets. Many do believe that SEC has developed a tussle with the digital currencies on purpose.

Moreover, Fidelity also responded to the statement made by SEC chair Gary Gensler that the SEC will review the future products of BTC. However, the Fidelity members argued that there is no need for further review because BTC has already touched the maturity level proposed by the SEC itself. Furthermore, the Fidelity experts argued that the Bitcoin market has now reached a monumental scale. It also has deep liquidity levels as defined by the SEC itself.

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Moreover, Fidelity digitals hinted to keep expanding their crypto and bitcoin-related products and services despite the regulatory red alerts. Moreover, the company is also looking forward to increasing its employee regarding crypto services up to 70%.  However, on the other SEC is still reluctant in its decision-making regarding favorable crypto policies.

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