In the latest crypto news centered around regulation, The Securities and Exchange Commission (SEC) of the United States recently announced that it has officially begun a formal review process for the physically-backed Bitcoin ETF proposed by VanEck and SolidX.
According to the document which was published on the SEC’s website, the regulatory agency will now consider whether it should approve the fund, all in line to its federal securities guidelines.
If approved, the fund – VanEck SolidX Bitcoin Trust – will be listed on the CBOE BZX Exchange.
As SEC stated in the document listed on their website:
“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
This order is definitely seen as a surprise by many. After CBOE first filed to list shares of the VanEck SolidX Bitcoin Trust in June, it postponed ruling on the application, setting a new deadline of September 30th. Many analysts speculated that the SEC would likely delay this review process again – which has not happened.
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Even though the SEC has struck down every Bitcoin ETF application so far, the prospects for ETF approval remain bearish. The SEC Commissioner Hester Peirce, over the past few days called for regulators to be more open to cryptocurrency products, issuing a formal dissent after the commission ruled against the Winklevoss-led ETF.
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