The fate of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust will be decided August 10. Indications show that the public opinion solicited by SEC has been overwhelmingly positive. The VanEck SolidX Bitcoin Trust listing and trading is meant to cater for accredited investors.
The August 10 date is significant to the coin market and community in that it would be a determining factor if the SEC gives a nod that they deem the coin market safe for a trillion dollar fund.
The CBOE ETF filing for ETF approval prompted SEC to garner public opinion regarding the issue. The SEC website in announcing the proposition last week posted, “Comments on Cboe BZX Rulemaking” in regards with the “Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust”.
SolidX proposed an exchange traded fund that focuses on Bitcoin investment. The company having made three attempts to build Bitcoin investment project formed a partnership with VanEck.
The CEO of the company of VanEck, Jan VanEck speaking about the collaboration said:
“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.”
SEC website displayed 210 comments from members of the public expressing their opinion on the ETF. A look at the comments shows that most were in favor of SEC’s approval even though the agency’s decision will not be known until a couple of weeks.
Some of the concerns raised by some commentators who were against approval for the ETF were mainly based on fears of market manipulation. Others raised concerns about the safety implication of quantum computing which has been said could threaten coin security, while there are also concerns raised on the dilution effect of altcoins on Bitcoin.
Aside these objections, comment were overwhelmingly in support of approval. The basic themes on which their support was based were that Bitcoin and other altcoins being here to stay. The need for the US to be in front of financial technological regulation and the importance of extending regulatory protection to retail and institutional investors interested in Bitcoin and other cryptocurrencies.
Mike Fort, who quoted U.S. Commodity Futures Trading Commission (CFTC) Commissioner Rostin Benham from June 4th:
“Virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
The sentiment was shared by many others such as Anthony Pompliano who wrote:
“These law-abiding individuals have decided that this decentralized digital currency is an asset to store and transact their wealth…The millions of Americans who believe in Bitcoin’s value should be afforded the same access and protections as other asset investors.”
