SEC To Consider CBOE’s Application For Bitcoin-ETF
On August 10, the US Securities and Exchange Commission (SEC) will hold a meeting to make a decision concerning the application of The Chicago Board Options Exchange (CBOE) about the bitcoin exchange-traded fund (ETF). The project was presented by two parties: SolidX and VanEck Associates Corp.
New York companies VanEck and SolidX teamed up and submitted an application to the SEC to approve the new project, VanEck SolidX Bitcoin Trust. This crypto fund will get insurance support in case of theft or loss of the key to the accounts. Another advantage of the project is that the fund is directly linked to the VanEck index that is to monitor the cost of bitcoin from the US platforms instead of the exchanges.
An anonymous representative of the CBOE expressed the opinion that the SEC will decide positively on the subject, noticing a strong relationship between the regulators and the exchange, and stressed that establishing the bitcoin-ETF is just a matter of time.
On July 26, the SEC rejected the Winklevoss brothers’ application for the second time for the first bitcoin exchange-traded fund.
According to some resources, the SEC tends to approve the CBOE project either at the end of 2018 or at the beginning of 2019. In case of the approval, the price of the one fund’s share will be about 25 BTC.
The subject of the crypto market and the implementation of bitcoin as the security papers still remains unclear to the governments of the leading countries. However, a few of them have expressed the intention to provide national cryptocurrency.