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SEC Requires More Information To Study Bitcoin ETF

13:56 21/09/2018

The Securities and Exchange Commission (SEC) began to consider applications for launching bitcoin-ETF. To make a decision, the agency needs a clarification on some issues, as stated in a document on the SEC website.


Back in July, VanEck and SolidX filed a joint application to open a bitcoin exchange-traded fund (ETF). The financial regulator postponed the decision and rejected nine more similar applications, but later decided to resume considering them. If the regulator approves the firms' proposal, the Chicago Board Options Exchange (CBOE) will add bitcoin shares to its listing.


The Commission has to take a decision before September 30, but on September 20 it appealed to the community for comments. In particular, the agency wants to hear views on a number of issues regarding possible manipulations with bitcoins and the ways to prevent that. It also inquiries whether there are equities that back up shares, and ponders on the problem of low bitcoin transaction speed.


In addition, the document mentions the partnership between the exchange of the Winklevoss’ brothers and the CBOE. The Commission is wondering whether Gemini will be involved in manipulations with bitcoin shares and how the trade will affect exchange prices.


The SEC website shows that the regulator received about 1400 comments from individuals and entities. The responses could be sent in a regular letter or by e-mail. Taking these responses into account, the Сommission initiated a proceeding, which may delay the final decision on bitcoin-ETF.


Previously, the director of the Chicago Mercantile Exchange explained why bitcoin futures didn’t affect the decline in cryptocurrency market.

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