President CBOE Global Markets Chris Concannon believes that the market is ready to launch exchange-traded products (ETPs) tied to the bitcoins. About this he wrote in a new letter to the American Commission on securities and exchange Commission (SEC).

Concannon noted that, despite the relative novelty of the bitcoin exchange markets-goods, they are “actively developing”, which gives hope for the emergence of the relevant ETP.

“Although the current trading volume in futures on bitcoin exchanges CBOE and CME is unlikely to be enough to successfully operate the ETP-products with 100 percent short or long position, the CBOE believes that these volumes will grow in the near future reach levels comparable to the futures of other commodities, when they could be part of your ETP”, he added.

The letter of Concannon was a response to the January statement by the SEC, which the Agency voiced concerns about the approval of ETF products, arguing that the fragmentation of the market and, in particular, inadequate measures to protect investors.

In turn, Concannon pointed out that the gold markets and issued by governments, currencies are “perhaps even more fragmented” than the cryptocurrency markets.

“While CBOE shares many of the concerns voiced in the letter to the SEC, we also believe that most of these concerns can be addressed with existing funds of commodities, including their cost, liquidity, supervision, arbitration and manipulations,” the letter reads.

We will remind, in the end of 2017 Chicago Board options exchange sent to SEC requests for changes to the rules, allowing in the future to launch six ETFs based on bitcoin futures.