THELOGICALINDIAN - The US Securities and Exchange Commission SEC has told arch gold armamentarium administration close VanEck that it will not analysis the firms allotment account for a Bitcoin ETF The VanEck Vectors Bitcoin Strategy ETF seeks to advance inUS exchangetraded bitcoin acquired articles whicharecurrently bare In acknowledgment to theSECs appeal the close withdrew its application
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SEC’s Policy
Leading gold armamentarium administration close VanEck filed with the SEC aftermost ages to account and barter the “VanEck Vectors Bitcoin Strategy ETF.” The armamentarium does not plan to advance in bitcoin anon but will advance up to 25% of its portfolio in U.S. exchange-traded bitcoin acquired instruments.
On Wednesday, the SEC appear a letter by Matthew Babinsky, Assistant General Counsel at VanEck, requesting the “withdrawal of Post-Effective Amendment No. 2,562,” which is the registration statement for the VenEck Vectors Bitcoin Strategy ETF. The letter read:
No U.S. Exchange-Traded Bitcoin Derivatives
Currently, there are no U.S. exchange-traded bitcoin acquired articles on the market.
A acquired trading belvedere and clearinghouse LedgerX was approved by the U.S. Commodity Futures Trading Commission (CFTC) in July. The aggregation is planning to barrage “physically-settled” bitcoin acquired articles by this year.
In addition, the Chicago Board Options Barter (CBOE), the better U.S. options exchange, plans to action cash-settled bitcoin futures in the fourth division of 2017 or aboriginal 2018.
While there are no U.S. exchange-traded bitcoin acquired products, a few acceptable armamentarium managers accept already filed with the SEC to account and barter Bitcoin ETFs based on these instruments. VanEck Vectors Bitcoin Strategy ETF is amid them. Aftermost month, Rex Shares LLC filed allotment statements for two Bitcoin ETFs; the Rex Bitcoin Strategy ETF and the Rex Short Bitcoin Strategy ETF. Another filing was fabricated aftermost Wednesday by Proshare Capital Management LLC with the Commission to action both Proshares Bitcoin ETF and Proshares Short Bitcoin ETF.
SEC’s Request
Babinsky’s letter additionally declared that:
Moreover, news.Bitcoin.com recently reported on the world’s arch derivatives exchange CME Group chief not to chase through with their aboriginal affairs to account and barter bitcoin futures.
What do you anticipate of the SEC’s action? Let us apperceive in the comments below.
Images via Shutterstock, VanEck, LedgerX, and CBOE.
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