THELOGICALINDIAN - The US Securities and Exchange Commission SEC has continued the time aeon it needs to accomplish a accommodation on the Vaneck Solidx bitcoin ETF based on the proposed aphorism change filed by Cboe BZX Exchange Meanwhile the ETF aggregation has submitted to the SEC key changes acclamation all apropos cited as affidavit for abnegation Solidx Bitcoin Trust ETF aftermost year
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Deadline Extended
The SEC announced Tuesday that it has continued the time it will booty to accomplish a accommodation on the proposed aphorism change to account and barter shares of Solidx Bitcoin Shares issued by the Vaneck Solidx Bitcoin Trust.
Cboe BZX Exchange filed the proposed aphorism change with the SEC on June 20, which was appear in the Federal Register on July 2. This bitcoin ETF has accustomed a lot of absorption from the crypto community. “As of August 6, 2024, the Commission has accustomed added than 1,300 comments on the proposed aphorism change,” the bureau wrote.
The Commission explained that the Securities Exchange Act provides that aural 45 canicule of the advertisement in the Federal Register a best aeon may be designated, elaborating:
The SEC now “designates September 30, 2024, as the date by which the Commission shall either accept or disapprove, or convention affairs to actuate whether to disapprove, the proposed aphorism change.” However, this may not be the aftermost time the SEC postpones its accommodation on this bitcoin ETF. According to the Exchange Act, the Commission can extend it 240 canicule from the date appear in the Federal Register.
Key Concerns from Last Rejection ‘Resolved’
In March aftermost year, the SEC rejected the proposed aphorism change filed by NYSE Arca to account and barter shares of Solidx Bitcoin Trust.
A document appear on the SEC website anachronous August 1 capacity a affair the antecedent day amid 15 SEC admiral and six assembly from Van Eck Securities Corporation, Solidx Management LLC, and Cboe BZX Exchange Inc.
A presentation was submitted by Solidx Management and Van Eck Securities to the Commission agents analogue the affidavit why this proposed aphorism change should be approved, acclamation apropos the SEC had in March. The presentation reads:
In July, Van Eck submitted a 13-page report to the Commission acclamation assorted apropos the SEC has accompanying to the ETF such as valuation, liquidity, custody, arbitrage, and abeyant manipulation.
Major Changes From Last Rejection
The presentation credibility out that there accept been above changes back the SEC absitively to adios the proposed aphorism change for Solidx Bitcoin Trust in March aftermost year.
The aboriginal cogent change is that “multiple derivatives markets now abide for bitcoin.” The presentation lists as examples CME bitcoin futures, Cboe bitcoin futures, Ledgerx bitcoin swaps and options contracts, and Cantor Exchange self-certified bitcoin swaps contract. The aboriginal two accept a accumulated circadian trading aggregate of “approximately $150 – $200 million,” the presentation details, bombastic that they are all adapted by the U.S. Commodity Futures Trading Commission (CFTC).
Secondly, the artefact appraisement has afflicted as the proposed assurance will use OTC basis for appraisement and NAV. Citing that the “CFTC has administration over OTC bitcoin trading,” the presentation emphasizes:
In addition, there has been a “proliferation of advice administration agreements” that were not ahead put in abode in March aftermost year.
Furthermore, citation the SEC’s “concerns apropos bitcoin ETFs and retail investors,” the presentation addendum that “the antecedent allotment amount will be set at a akin advised to ensure that alone institutional and ‘non-retail’ investors will be able to acquirement shares,” which is a amount per allotment of $203,750 as of July 30. The presentation additionally claims that absolute bitcoin investments do not accommodate investors with acceptable protection, allotment GBTC and XBT Provider as examples.
What do you anticipate of the SEC apathetic its accommodation on Vaneck/Solidx bitcoin ETF? Do you anticipate the SEC will eventually accept this bitcoin ETF? Let us apperceive in the comments area below.
Images address of Shutterstock, Solidx, Van Eck, and the SEC.
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