The U.S. Securities and Exchange Commission (SEC) issued a memorandum of meeting, which the agency held on October 9 with VanEck, SolidX and CBOE companies interested in launching Bitcoin ETF.
As follows from the document, VanEck named five reasons why the market is ready to launch a new instrument. The company also reported that it eliminated the reasons that were indicated in the regulator’s refusal.
1. There now exists a significant regulated derivatives market for bitcoin2. Relevant markets – Cboe, bitcoin futures, OTC desks – are regulated.3. Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs.4. Cboe’s rules are designed to surveil for potential manipulation of Trust shares.5. Promotes investor protection.
Earlier, the SEC also stated that the regulated markets for bitcoin derivatives do not have a substantial size. In this regard, VanEck, SolidX, and CBOE accused the SEC of constantly changing the rules of the game. According to the rules, the Commission must decide on the Bitcoin ETF before March 2019.
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