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The US Securities and Exchange Commission has been urged to approve a new Bitcoin exchange-traded fund by one of the world’s largest asset managers.

According to Bloomberg, Fidelity Investments, a respectable asset manager with a 70-year track record, met with SEC officials in secret to get their new Bitcoin ETF approved.

According to a source familiar with the conference, Fidelity should have provided multiple reasons why the US authority should approve the product. The rise in BTC and other cryptocurrency holdings and the availability of similar crypto funds in other nations were among the reasons cited.

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In the presentation,

Firms should be able to meet investor demand for direct exposure to Bitcoin —– because the Bitcoin market has matured and can support them.

Regarding the SEC’s position on the Bitcoin ETF, Chairman Gary Gensler of the US Securities and Exchange Commission should have recently stated that if this crypto product passes the tightest investment fund regulations, they may consider it.

Fidelity Investments applied for its Wise Origin Bitcoin Trust, a Bitcoin fund, in March of this year.

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