The American Commission on securities and exchange Commission (SEC) issued a Memorandum about the meeting that on 9 October, Agency staff met with representatives of the companies VanEck and SolidX interested in launching exchange traded bitcoin Fund (ETF).
Also the meeting was attended by representatives of the Chicago Board options exchange (CBOE).
As follows from the document, VanEck, consideration of the application of which was postponed in the summer, I listed five reasons why the market is ready to launch the new tool. Company representatives also noted that he had eliminated causes that were identified in the failure of the regulator.
“1) the Regulated derivative market for bitcoin has achieved significant scale. 2) the Related markets — the CBOE, bitcoin futures, OTC platforms — regulated. 3) Problems with price gouging was solved. 4) CBOE Rules designed to oversee the possible manipulation of the shares of the trust. 5) the Interests of investors are protected,” — said representatives VanEck.
Previously, the SEC also stated that regulated markets bitcoin derivatives do not have “significant” size, and in this regard, VanEck, SolidX and the CBOE blamed the Commission that the constantly changing rules of the game.
“We are concerned that the notion of “material” for SEC is a constantly changing value. We have not given clarification, what is meant by “significant”, and this allows them to constantly change the rules of the game” — they said.
On Tuesday evening, SEC Commissioner Kara Stein said in an interview with Bloomberg TV said that the Ministry is still not decided on a position regarding the launch of a bitcoin ETF. According to her, companies must prove that they can provide the necessary liquidity, physical storage and accurate estimation, despite sharp price fluctuations.
While Stein declined to comment on the possible timing of the decision on the application VanEck. According to the rules, the Agency should submit it before March 2019.
In September, the Agency announced the beginning of formal process of consideration of applications for the creation of a bitcoin ETF from VanEck, and SolidX, but again requested “additional information”.
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