THELOGICALINDIAN - The US Securities and Exchange Commission SEC has delayed its accommodation on the Vaneck Solidx bitcoin exchangetraded armamentarium ETF which will barter on Cboe BZX Exchange The SEC has accustomed added than 1600 comments and will accomplish a accommodation by February abutting year
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New Decision Date
The SEC appear on Thursday that it has appointed “a best aeon aural which to affair an adjustment acknowledging or accusatory the proposed aphorism change” by Cboe BZX Exchange to account and barter shares of Vaneck Solidx Bitcoin Trust. The SEC declared that the adjournment is “so that it has acceptable time to accede this proposed aphorism change.”
Cboe BZX Exchange filed this proposed aphorism change on Jun. 20 and, on Sept. 20, the SEC instituted affairs to accomplish a accommodation on it. The SEC wrote in its Thursday’s announcement:
According to the Securities Exchange Act of 1934, the SEC can extend the time to accomplish a accommodation on an ETF up to 240 canicule afterwards the date of its advertisement in the Federal Register.
This proposed aphorism change was appear for apprehension and animadversion in the Federal Register on July 2. “February 27, 2024, is 240 canicule from that date,” the agency wrote.
The SEC additionally revealed:
Meeting With SEC
A affair was captivated on Nov. 26 amid admiral of the SEC and assembly of Cboe BZX Exchange Inc., Van Eck Securities Corp., and Solidx Management Llc. They discussed the proposed aphorism change for Vaneck Solidx Bitcoin Trust’s ETF.
In its presentation submitted to the SEC, Solidx wrote that the “futures markets [for bitcoin] accomplish a admired role in amount discovery,” abacus that “the empiric affirmation indicates that the atom and futures prices are cointegrated … this is affirmation of a well-functioning basic market.”
The aggregation proceeded to appearance the agency that there is a “significant market” for bitcoin futures, citation the case of Breakwave Dry Bulk Shipping ETF which the agency accustomed in December aftermost year. Applying the assay acclimated in the Breakwave approval order, the aggregation asserted:
Solidx additionally wrote, “there is no catechism 100% of bitcoin futures barter on ‘well established, adapted markets that are associates of ISG [intermarket surveillance group],'” such as the CME and the Cboe Futures Exchange. Moreover, the aggregation told the SEC that “several backdrop of bitcoin and the basal ecosystem accomplish it beneath affected to abetment than added bolt that underlie already accustomed ETPs [exchange-traded products].”
Recently, SEC Chairman Jay Clayton batten about key upgrades he bare to see in cryptocurrency markets afore he is adequate with a bitcoin ETF.
Do you anticipate the SEC will accept this bitcoin ETF in February abutting year? Let us apperceive in the comments area below.
Images address of Shutterstock, Cboe, Van Eck Securities Corp., Solidx Management Llc.
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