Date: 4 months ago   Category: Economy

The application of VanEck-SolidX on start of ETF of bitcoin is close to the statement of SEC


The exchange fund (ETF) of bitcoin offered by the company on management of monetary assets of VanEck and SolidX cryptostartup is close to receiving standard approval of the U.S. Securities and Exchange Commission (SEC), according to the words of Gabor Gurbacs, the head of department of strategy of digital assets in VanEck. We are closer [to receiving approval of SEC], than ever earlier. To me it is absolutely clear that America wants ETF of bitcoin therefore we will make it here. We wait for feedback from the regulator and we hope that we will receive the thumb raised up, - Gurbacs on Wednesday has told Fox Business TV channel.

It has added that the offered VanEck-SolidX ETF is insured and is physically supported by bitcoin, cost of an adjustable auxiliary source of pricing, MVIS, and meets "each requirements which are demanded from fund of commodity type".

of SolidX has submitted the application for approval of start of exchange fund of bitcoin at the New York Stock Exchange (NYSE) in March, 2016, but it has been rejected by SEC in March, 2017. In June of this year the VanEck company has joined SolidX, having suggested to listingirovat ETF of bitcoin on Bats BZX Exchange which belongs to the Chicago exchange of options (CBOE). SEC still should make the decision concerning this statement as in August it announced need to collect more data on public opinion before making the decision on such tool.

at the end of the last month the regulator has published the memorandum following the results of a meeting with representatives of SolidX, VanEck and CBOE. According to the document, the parties have discussed the reason for which SEC has rejected the preliminary application of ETF from SolidX, namely: "the existing discrepancy to requirements of section 6 (b) (5) of the Law on the Stock Exchanges" which focuses on prevention to "roguish and manipulative actions and practicians".

of Fear in fraud and manipulation of the market have caused nine other applications of kriptovalyutny ETF. In August SEC has rejected offers of ProShares, Direxion Asset Management and GraniteShares. In October it was offered to public to comment on these nine applications and to express or in their advantage, or against.

From approach of 2018 to end, market observers specify for 2019 as the most probable time for emergence of cryptocurrency ETF at the adjustable exchanges of the USA. Many doubt that such product will receive green light from the regulator though others insist that if what ETF and gets approval, then it will be about exchange fund with physical providing, such as offers VanEck-SolidX.

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