The US Securities and Exchange Commission again wants to receive a comment regarding the potential launch of the bitcoin ETF. This is reported by CoinDesk.
The watchdog is waiting for comments on the offer of the Cboe exchange to list and trade of SolidX Bitcoin Shares, which in turn was proposed by VanEck SolidX Bitcoin Trust.
ETF will invest exclusively in bitcoin, the document says, as its net assets will "consist of bitcoin held by the Trust utilizing a secure process."
According to Cboe's application, ETF securities will become a tool for investing in bitcoins by players in traditional markets. While operators will buy and sell bitcoins in accordance with the needs of customers, the "trust will not be actively managed".
The presented ETF was the result of cooperation between the investment firm VanEck and the start-up SolidX. It marks the third attempt of VanEck to launch a mechanism for investing in bitcoin.
VanEck CEO Jan van Eck considers bitcoin to be a "full-fledged investment opportunity and" digital gold, "which can find a place in investor portfolios," despite regulatory barriers that his company faced in the past.
We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.
Jan van Eck
Although previously several companies tried to launch their own bitcoin-ETF, the SEC forced them to withdraw their bids. Then the regulator said that, among other things, it was concerned about the problems of volatility and liquidity of the cryptocurrency.