It seems that the aversion of the U.S. Securities Exchange Commission (SEC) towards Bitcoin exchange-traded fund (ETF) is about to be resolved. In a recent memorandum released by the agency, Pro-crypto Commissioner Elad Roisman shares some details about the meeting she had with the representatives of SolidX, VanEck, and CBOE.
While SEC have had been rejecting the multiple proposals of Bitcoin ETF and earning some negative accolades from the users and traders of cryptocurrencies, the regulator decided to change leaf when it decided to review the nine rejected Bitcoin ETFs. The SEC cited their reasons of the rejections has asked the respective proposal representatives to resolve certain issues with their proposals.
The Memorandum shares the impression that Roisman took from her meeting with the representatives of SolidX, VanEck, and CBOE. Reportedly, the representatives of the crypto-businesses clarified the doubts that the SEC had regarding ETF and the subsequent legal consequences that it can generate. Notably, in the memorandum VanEck team claims to have resolved the issues that led to the rejection of their Bitcoin ETF:
VANECK SOLIDX BITCOIN TRUST SHOULD BE APPROVED Issues identified in disapproval order have been resolved:
- There now exists a significant regulated derivatives market for bitcoin.
- Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs.
- Promotes investor protection.
Furthermore, the persistent double standard in terms of ICOs and Bitcoin ETF was brought to the notice of the SEC. At present, the market is flooded with over 1000 ICOs some of which indeed has a high level of insecurity, while not even a single Bitcoin ETF has received SEC’s approval.
The memorandum illustrated the following differences:
With this in place, it seems that now the race is on, for who will be able to launch the first Bitcoin ETF?