THELOGICALINDIAN - The US Securities Exchange Commission SEC beforehand this anniversary appear that it is dabbling its accommodation whether to accept the advertisement of SolidX Bitcoin Trust on the NYSE Arca exchange
Also read: SolidX Files to Become First Bitcoin ETF on NY Stock Exchange
Meet SolidX Bitcoin Trust
Blockchain technology company, SolidX Partners Inc, aboriginal filed a allotment account (Form S-1) with the SEC on July 11, 2016, proposing to barrage its SolidX Bitcoin Trust. According to the company’s letter to the SEC in November aftermost year:
SolidX Bitcoin Trust will not be actively managed. There is no minimum investment. “An broker may authority as little as a distinct share, which represents about one tenth of a bitcoin,” the aggregation told the SEC. In addition, the aggregation has secured “significant allowance advantage for the bitcoin that will be captivated by the Trust.”
SolidX’s Filing Progress
SolidX Bitcoin Trust is to be listed on the New York Stock Barter (NYSE) Arca beneath the attribute XBTC. NYSE Arca is the aboriginal all-electronic barter in the U.S. It currently trades added than 8,000 exchange-listed balance and is ranked cardinal one in the advertisement and trading of exchange-traded product, according to its website. On July 12, NYSE Arca filed with the SEC to account and barter SolidX Bitcoin Trust’s shares.
After the SEC again continued the aeon to accede acknowledging or accusatory the listing, the Commission announced aboriginal this week:
Industry Comments
The Commission has accustomed seven comments from the industry. All of them were in favor of acknowledging SolidX Bitcoin Trust except one. Ken I Maher’s abbreviate and brusque message to the SEC apprenticed the Commission to accede the risks of the bitcoin ecosystem.
Other belletrist to the Commission includes one submitted collectively by 30 industry leaders such as 21 Inc’s Balaji Srinivasan, Bitpay’s Stephen Pair, Bitstamp’s Nejc Kodrič, Blockchain’s Marco Santori, Circle’s Joshua Lim, and Coin Center’s Jerry Brito. They apprenticed the SEC to accept SolidX Bitcoin Trust’s advertisement advertence that:
Denise Krisko, President of Vident Investment Advisory LLC, told the SEC “The assurance will account investors and the broader Bitcoin ecosystem through admission to a aqueous and cellophane artefact that will added drive this avant-garde and agitative technology.” Joseph Colangelo, President of Consumers’ Research, told the Commission that “Bitcoin has accustomed itself as a cogent new asset class,” advertence “the SolidX Bitcoin Assurance will assure U.S. consumers in a way that absolutely bears in apperception the best absorption of such consumers.”
Meanwhile, Cato Institute’s Associate Director, Thaya Brook Knight acclaimed that “approving the aphorism change would ultimately advance broker protection, and would accordingly advanced the mission of the SEC.”
Do you anticipate the SEC will accept SolidX’s advertisement on the NYSE Arca in March? Let us apperceive in the Comments area below.
Images address of Shutterstock, NYSE Arca, SolidX
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