A little bit of good news that may have got lost in all the market gloom last week: the CBOE – Chicago Board Options Exchange, one of the two groups to offer bitcoin futures – has encouraged the SEC to allow the development of a bitcoin ETF, just as if it were any other commodity.

Chris Concannon, CBOE’s president, wrote to the SEC to say that the frameworks that already exist for exchange-traded funds can readily be applied to cryptocurrencies, whilst seeking to reassure them that potential problems can be addressed without significantly changing it.

‘While CBOE shares many of the concerns raised in the Staff Letter, we believe that the vast majority of these concerns can be addressed within the existing framework for commodity-related funds related to valuation, liquidity, custody, arbitrage, and manipulation.’

The letter is part of the slow but inexorable development of institutional products for bitcoin. In fact, in the coming months and years, we will likely find that institutional money eclipses ordinary retail trading on regular exchanges. The times are a-changing for bitcoin.

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