VanEck: All SEC doubts about bitcoin ETF …
VanEck: All SEC doubts about bitcoin ETF were answered
Interested in creating an exchange-traded fund (ETF) pegged to bitcoin, industry participants met with representatives of the US Securities and Exchange Commission (SEC) on October 9 to allay the regulator’s doubts. This is evidenced by a document published today on the SEC website..
VanEck, whose Bitcoin ETF application was postponed in August, provided accompanying documents outlining five reasons why the Commission should issue a positive opinion..
“The problems highlighted in the refusal have been resolved,” she writes. “1) There is a significant regulated derivatives market for bitcoin; 2) Related Markets – CBOE, Bitcoin Futures, OTC Marketplaces – are regulated; 3) Doubts about price manipulation have been resolved; 4) The CBOE Rules are designed to supervise possible manipulation of the trust’s shares; 5) Protecting the interests of investors is carried out “.
At the same time, speaking on Bloomberg TV on Monday, SEC Commissioner Kara Stein highlighted the uncertainty about the future decision on Bitcoin ETF.
“They need to show how they can provide an accurate estimate despite sometimes sharp price fluctuations, how they can guarantee physical storage when needed, how they can provide adequate liquidity,” Stein said. “We will take into account all these factors and the applicant’s ability to ensure compliance with them when deciding on a specific proposal.”.
At the same time, Stein refused to comment on the possible timing of the VanEck application. The deadline for making a decision in accordance with the law is next March..
Formerly renowned bitcoin enthusiast Andreas Antonopoulom has expressed confidence that a bitcoin ETF will eventually be approved, although he does not share the enthusiasm for the matter..
“There is a lot of interest in the market with a lack of technical understanding, so institutional investors simply cannot directly hold bitcoin at this time,” he said..
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