Cboe Global Markets has filed an application for registration with the Commission securities and exchange Commission (SEC) exchange-traded bitcoin Fund (ETF). The Fund will be available to the investors not earlier than the 1st quarter 2019 — subject to the approval of the application.
In the notice of registration is published on the SEC website on June 26 said that the Cboe will begin trading Piccolomini shares secured by the company property management VanEck and blockchain company SolidX. Every unit will include a 25 BTC; this exchange is possible only together with the SolidX Bitcoin Shares, a joint stock Fund SolidX and VanEck.
Last year SolidX and VanEck has already filed a similar application but it was refused due to the lack of adequate legislation for the cryptocurrency market. In March, the SEC commented on the failure:
“Relying on previous experience, the Commission believes that major BTC markets are insufficiently regulated. Thus […] the Commission does not consider that the proposal complies with the Law on trade in securities”.
The situation changed when the SEC acknowledged that bitcoin and ether are not included in its jurisdiction, confirming that these assets are not securities, by definition. However, the Supervisory authority insists that the origin of the digital currency can be regarded as stocks.
News of the exchange-traded Fund Cboe appeared on the background of rumors about the emerging trend of direct investments in the cryptocurrency. As a result, the market can attract a large number of institutional investors.
Assumptions about the formation of the trend can be true. So, last week it became known about the appearance of proposals for the exchange notes ETH and BTC among the trading products Flow Traders NV is Europe’s largest ETF companies.
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