SEC in Closed-Door Meeting With VanEck, SolidX, and Cboe to Discuss Their Proposed Bitcoin ETF
Elad Roisman, the recently appointed Commissioner of the U.S. Securities and Exchange Commission, had a paramount closed-door meeting recently to discussed a bitcoin exchange-traded fund or ETF with related cryptocurrency companies.
Representatives of the investment management firm VanEck, blockchain company SolidX and CBOE have met with officials of SEC to inform them that the organization’s previous concerns regarding their Bitcoin exchange-traded fund (ETF) applications have been addressed.
The meeting which was to discuss a rule change request the companies submitted as part of their effort to get the approval for the bitcoin ETF, was represented by Dan Gallancy and Dimitri Nemirovsky from SolidX, Laura Morrison and Kyle Murray from the Cboe and Adam Phillips from VanEck.
New York-based VanEck, which has been working on a Bitcoin ETF with SolidX Partners since 2017, explained the history and status of the collaborative effort between itself and SolidX. Establishing that it is qualified to propose a crypto-backed ETF from the get-go, VanEck pointed it that it is a well-known fund issuer that manages $46 billion in assets.
In addition, VanEck has also produced a supporting document highlighting why their ETF should be approved.
In August, the SEC rejected around nine applications for bitcoin ETFs, crypto investors across the globe were disappointed when the SEC delayed its verdict on a VanEck-backed Bitcoin ETF proposal for multiple months. The denial of proposals from three different applicants were over concern about fraud and manipulation of bitcoin markets.
No comments from the SEC were issued on VanEck’s slide decks, but many investors are hopeful that the attendees of the forum were pleased with what was presented.
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