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SEC announces to decide if VanEck-SolidX Bitcoin ETF Proposal should be approved

On Thursday, the Securities and Exchange Commission of the USA made an announcement about the beginning of proceedings as for The question if a proposed BTC exchange-traded fund should be approved. According to SEC, Cboe BZX Exchange, Inc wanted to change the rule proposed to them and now the commission should approve it or not […]

By - September 24, 2018
Securities and Exchange Commission

On Thursday, the Securities and Exchange Commission of the USA made an announcement about the beginning of proceedings as for The question if a proposed BTC exchange-traded fund should be approved.

According to SEC, Cboe BZX Exchange, Inc wanted to change the rule proposed to them and now the commission should approve it or not after the proceedings started. Unless there is a disapproval, Cboe would be able to list a BTC ETF that experienced a pitch from the firm VanEck that deals with money management and SolidX, a cryptocurrency startup.

The SEC wants to involve more people in the process to make the most reasonable decision and as a result, there are over 1,400 comments written already.

According to Brent Fields, a commission Secretary, there were no any conclusions made by the member of the Commission and the latter one is interested in getting people’s viewpoints on the question of the proposed rule change.

The analysis of the proposal content made it possible to understand that VanEck and SolidX are going to open a BTC trust where shares of SolidX would be listed. Once, the decision on this point was already delayed by the SEC and it would not be surprising that this decision would be made earlier than in February.

In previous month, many firms were discouraged as 9 proposed bitcoin ETF proposals were rejected by the Commission. The explanation of this rejections must be provided by the Commission soon, so it is difficult to predict the current decision.

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