{"id":34294,"date":"2023-07-11T16:11:28","date_gmt":"2023-07-11T20:11:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sui-chung-of-cf-benchmarks-confident-in-approval-of-spot-bitcoin-etf-by-sec\/"},"modified":"2023-07-11T16:11:29","modified_gmt":"2023-07-11T20:11:29","slug":"sui-chung-of-cf-benchmarks-confident-in-approval-of-spot-bitcoin-etf-by-sec","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34294","title":{"rendered":"Sui Chung of CF Benchmarks Confident in Approval of Spot Bitcoin ETF by SEC"},"content":{"rendered":"<div>\n<p>Sui Chung, CEO of the crypto index provider CF Benchmarks, says he is \u201cvery optimistic\u201d about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF).<\/p>\n<p>\u201cWe are very optimistic that approval will be granted by the SEC because the SEC has consistently stated that it wants to see certain safeguards in place,\u201d Chung said in an interview with Bloomberg TV on Monday<\/p>\n<p>He went on to explain that the key safeguard the SEC has asked for is \u201cinformation-sharing between the listing exchange of an ETF and crypto exchanges.\u201d<\/p>\n<p>\u201cThat bar has been very clear, and we believe that bar has been met by the provisions that collectively we have all put in place,\u201d the CF Benchmarks CEO added.<\/p>\n<h2>Bitcoin is only commodity traded on \u201corganized\u201d spot markets<\/h2>\n<p>Asked how the surveillance of a spot Bitcoin ETF would differ from the surveillance of any other commodity-backed ETF products, Chung pointed out that spot commodities are typically not traded on \u201corganized marketplaces.\u201d<\/p>\n<p>\u201cSpot oil, spot gold is negotiated over the telephone, via email, via chat, etcetera, not on an organized marketplace,\u201d he said.<\/p>\n<p>As a result of this, commodity-backed ETFs traditionally have information-sharing agreements with derivatives exchanges instead of with spot marketplaces, \u201cbecause that\u2019s the organized marketplace where transactions happen,\u201d he said.<\/p>\n<p>But despite this traditionally being the way things have worked, Chung noted that crypto is different because the spot crypto is traded on organized marketplaces.<\/p>\n<p>\u201cWe haven\u2019t quite been here before, there\u2019s no exact parallel,\u201d the CEO explained.<\/p>\n<p><strong>Watch the full interview with Sui Chung on Bloomberg TV below:<\/strong><\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/www.youtube.com\/watch?v=RQS-R0Z2C7w\" loading=\"lazy\"><\/oembed><\/figure>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sui-chung-of-cf-benchmarks-confident-approval-of-spot-bitcoin-etf-by-sec.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sui Chung, CEO of the crypto index provider CF Benchmarks, says he is \u201cvery optimistic\u201d about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF). \u201cWe are very optimistic that approval will be granted by the SEC because the SEC has consistently stated that it wants to see certain safeguards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-34294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sui Chung of CF Benchmarks Confident in Approval of Spot Bitcoin ETF by SEC | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Sui Chung, CEO of the crypto index provider CF Benchmarks, says he is \u201cvery 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