SEC to Pick Fate of Vaneck Solidx Bitcoin ETF by Late February 2019

Bitcoin ETF

The SEC has obtained over 1,600 remarks and will make a determination by February next year.

New Decision Date

The SEC announced on Thursday it has designated”an extended period over which to issue an order approving or disapproving the proposed rule change” from Cboe BZX Exchange to record and trade stocks of Vaneck Solidx Bitcoin Trust. The SEC said that the delay is”so that it’s enough time to consider this proposed rule change”

Cboe BZX Exchange registered this proposed rule change on Jun. 20 as well as on Sept. 20, the SEC instituted proceedings to make a determination on it. The SEC composed in its Thursday’s statement:

The commission, pursuant to Section 19(b)(2) of the [Securities Exchange] Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.

In accordance with the Securities Exchange Act of 1934, the SEC will prolong the time to Create a determination on an ETF around 240 days following the date of its publication in the Federal Register.

This rule change was published for comment and notice in the Federal Register on July 2.

The SEC also shown:

As of December 6, 2018, the commission has received more than 1,600 comments on the proposed rule change.

Meeting With SEC

They discussed the proposed rule change to Vaneck Solidx Bitcoin Trust’s ETF.

In its demonstration submitted to the SEC, Solidx wrote that the”stocks markets [for bitcoin] play a valuable role in price discovery,” including that”the empirical evidence indicates that the place and futures prices are cointegrated… that is proof of a well-functioning funding marketplace.”

The business proceeded to demonstrate the commission that there’s a”major market” to get bitcoin futures, mentioning the event of Breakwave Dry Bulk Shipping ETF that the commission accepted in December this past year. Implementing the analysis used at the Breakwave approval arrangement, the Business claimed:

When compared to the dry bulk shipping market there is no question that the bitcoin futures market is a significant, regulated market.

Solidx also wrote,”that there is not any question 100 percent of bitcoin futures exchange on’well recognized, controlled markets which are members of ISG [intermarket surveillance group],'” like the CME and the Cboe Futures Exchange. In addition, the business informed the SEC that”several properties of bitcoin along with the inherent ecosystem also make it less prone to manipulation than other commodities which underlie approved ETPs [exchange-traded products].”

Lately, SEC Chairman Jay Clayton talked about crucial updates he had to see from cryptocurrency markets until he’s familiar with a bitcoin ETF.

Would you believe that the SEC will surpass this bitcoin ETF in February next year? Tell us in the comments section below.

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