The SEC Announced on Tuesday in Chennai that it had taken the decision of Solidx Bitcoin shares issued by the Vannek Solitis Bitwick Trust to decide on the proposed transition to the shares and trade.
Cboe BZX Exchange filed a proposed change to the SEC on July 20, which was released on February 2 at the Federal Rest. This Bitcoin ETF received much attention from the Crypto community. "From August 6, 2018, the Commission has received over 1,300 views on regime change," the company said.
The Commission explained that the Securities Exchange Act could be extended and extended for a period of 45 days from the mid-term version.
SEC states that "by September 30, 2018, action is taken to determine whether the Commission approves or approves the date or date of approval." However, this is the last time SC This is the decision on Bitcoin ETF. According to the Exchange Act, it may extend the Commission for a period of 240 days from the date of its release in the Central Bank version.
Key Concerns from Last Rejection ‘Resolved’
In March last year, SCI, NYSE rejected Arca proposal for listing and trading the shares of Solidx Bitcoin Trust.
The document, published by the SEC report website, 15 SEC Officers and Van Eag Securities Corporation, Solix Management LLC. And Cboe BZX Exchange Inc. The first day of the six members was met.
The reasons for this proposed fate change must be obtained, Solidx Management and Van Eck papers submitted to the employees of the Commission discussing the concerns raised. The presentation says
In July, a 13-page report was submitted to the Commission on various concerns relating to the ETF, such as Air Rating, Cash Flows, Defender, Arbitration and Possible Handling
Major Changes From Last Rejection
Since the proposed change in the Solidx Bitcoin Trust in March last year was rejected, SC Since the decision has been made, the reference indicates that there are major changes
The first significant change was, "Many add-ons are now for bitcoin." Examples include CME Bitcoin Futures, Cboe Bitcoin Futures, Ledgerx Bitcoin Transactions and Options Deals, and Contour Exchange Self-Certification Bitcoin Transfer Deals. The first two have a "daily $ 150- $ 200 million" joint daily trade volume. They reiterate that the future of American goods is controlled by the Commerce Commission (CFTC).
Secondly, if the product price is fixed, the proposed faith uses OTC's code for price and NAV. The presentation emphasizes that "ODTDTD trading has a CFTC jurisdiction"
In addition, in March last year, there was no unprecedented "multiplication of information sharing agreements".
BCFC Citing SC's concerns about retail investors and saying "the initial investment price is designed to ensure that only institutional and retail retail investors can buy shares in a single company, which is a price for $ 203,750 share price on July 30. The existing Bitcoin investments will provide adequate protection for investors not provide.
What do you think of the SEC postponing its decision on Vaneck/Solidx bitcoin ETF? Do you think the SEC will eventually approve this bitcoin ETF? Let us know in the comments section below.