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Just a week after the news of ETF-like Bitcoin product, the CBOE’s BZX Equity Exchange has now withdrawn the proposal of VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF) to the U.S SEC (Securities and Exchange Commission).
In a notice of withdrawal of a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust, it is clearly evident that they have taken aback from the listing and trading shares of its Bitcoin-backed trust from the SEC’s consideration.
On September 3rd, the VanEck-SolidX consortium announced that it will soon launch an ETF-like Bitcoin product for large US investors. The product falls under 144A of the 1933 securities act, and through this ‘loophole’ the group will be able to issue shares in the VanEck-SolidX Bitcoin Trust to institutional investors. The same consortium has been unsuccessfully seeking approval from the SEC to launch a Bitcoin ETF, and this appears to be a stop-gap solution while the SEC drags its heels.
The US SEC kept deferring the decision on the approval of various Bitcoin ETF applications from Bitwise, Winklevoss twins, VanEck-SolidX, and quite a few, as the regulator was due to its review whether this applications fulfil the pre-requisites and ensure safeguarding for investors’ interests. As a result, the entire cryptocurrency industry has seen a struggle ever since the U.S. SEC (Securities and Exchange Commission) declined the Winklevoss twins’ attempts of launching a bitcoin ETFs.
In the recent past, the Security Commission raised some cause of concerns over these ETFs ability to abide by the federal guidelines apart from the speculative and manipulative scams in the crypto avenues that are hampering the prospects of crypto-assets, apprehensions just like, liquidity, transparency and custodial issues of these ETFs have deferred the decision of SEC.
While VanEck and SolidX seemed constructive about the Bitcoin which reckons to be fundamentally robust and keeps itself safeguarded from any potential price manipulations under the circumstances of wash trading or something abnormal.
