On August 10, a meeting of the Securities and Exchange Commission (SEC) will take place, at which officials will determine the fate of VanEck SolidX Bitcoin Trust, approving or refusing to change the rules of trade at the Chicago Option Exchange (CBOE). This is reported by Bitcoin Exchange Guide.
It is noteworthy that CBOE also intends to create a bitcoin-ETF, which will trade in shares of SolidX, the estimated price of which will be 25 BTC apiece.
A source in the SEC, who asked to remain anonymous, stressed that the agency is interested in approving the application from the CBOE.
The Gemini decision was expected from those in the know and could have easily been predicted. Again, this stuff is more about timing than anything else. Approvals will come, it is more a matter of Q4 2018 or Q1 2019. And as I said before, that will open up the door to more crypto-based product submissions.
Source from SEC
The unnamed CBOE representative also believes that the close relationship between the exchange and the regulators will have a beneficial effect on the outcome of the meeting.
We still believe that approval of our Bitcoin ETF product is a near certainty. Just a question of timing and potential administrative delays.
Previously, VanEck and SolidX filed a joint application for the creation of VanEck SolidX Bitcoin Trust, which will be immune from theft and loss of access to funds.
It will also be tied to a new index from VanEck, which instead of exchanges will collect the price of bitcoin from US-based over-the-counter (OTC) platforms.