The Commission on securities and exchange Commission (SEC) on August 8 issued a statement in which he said that a decision in connection with the joint application of the companies VanEck and SolidX launch a bitcoin ETF at the Chicago Board options exchange (Cboe) statutes may to 30 September; this period is called extreme.
Experts of the Commission noted that the adoption of this decision, which involves changing the rules of Cboe, will “appropriate” a more extended analysis of the application. This definitely will disappoint supporters of bitcoin who are hoping for a quick fix, but the markets react to the news with reasonable composure.
The SEC received more than 1,300 comments related to the proposed rule change that would allow the Cboe to work with the new tools.
The language suggests that the decision may be made before:
The Commission, pursuant to section 19(b)(2) of the act 6 sets forth the September 30, 2018 as the date by which the Commission will either approve/deny the request, or begin to process in order to determine whether to reject any proposed change of rules (file No. SRCboeBZX-2018-040).
Products such as ETFs, can be traded on the stock market like regular stocks, and they simplify the process of investing in assets. As the typical hedge Fund is not eager to deal with private keys (as, for example, to own physical gold bullion, barrels of oil or etc), the real bitcoins remain under the control of the Depositary. He keeps them in large packages and releases representing their shares, or shares that are already traded on the exchange.
Thus, the Fund VanEck SolidX Bitcoin Trust, which concerns the application involves share for 25 bitcoins, combined in the basket of five shares each. Because ETF for bitcoins will be in cold wallets, large investors will not have too much to worry for their safety.