The company VanEck met with SEC to discuss the approval of an application for a bitcoin ETF


The company VanEck met with SEC to discuss the approval of an application for a bitcoin ETF

Interested in creating exchange traded Fund (ETF) pegged to bitcoin, industry participants met with representatives of the Commission on securities and exchange Commission (SEC) on October 9, to dispel existing doubts of the regulator. This is evidenced by the document published today on the website of the SEC.

The company VanEck, consideration of the application to launch a bitcoin ETF which was postponed in August, provided the accompanying documents, which outlined five reasons why the Commission should issue a positive opinion.

“The problems identified in the refusal was solved,” she writes. “1) There is a regulated derivatives market of bitcoin is significant; 2) the Related markets – the CBOE, bitcoin futures, OTC platforms – regulated; 3) concerns about price manipulation was solved; 4) CBOE Rules designed to oversee the possible manipulation of the shares of the trust; 5) to protect the interests of investors.”

However, speaking on Bloomberg TV on Monday, SEC Commissioner Kara Stein stressed the uncertainty about a future decision on a bitcoin ETF.

“They need to show how they can provide an accurate assessment, despite the sometimes sharp fluctuations in prices, as they can guarantee the physical storage if necessary, as they can provide adequate liquidity,” said Stein. “We will consider all these factors and the ability of the applicant to ensure compliance when deciding on the specific proposal.”

While Stein refused to comment about the possible timing of the application VanEck. The deadline for a decision in accordance with the law is March next year.

Formerly known bitcoin enthusiast Andreas Antonopoulos expressed confidence that the bitcoin ETF eventually will be approved, although he did not share the General enthusiasm about it.

“The market is experiencing a huge interest with a lack of technical understanding, so institutional investors can directly hold bitcoin at the present time,” he said.

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