The SEC is moving towards a bitcoin ETF decision from VanEck and SolidX

[Paha87]

The U.S. securities and exchange Commission (SEC) has begun proceedings to decide whether to approve the proposed bitcoin ETFs.

             


The SEC has issued a "order to initiate proceedings to determine whether to approve or reject a proposed rule change" filed by Cboe BZX Exchange. If the tool is approved, then Cboe will get the green light for transferring bitcoin ETFs delivered earlier this year by VanEck asset management firm and SolidX blockchain startup.

As part of this process, the SEC wants to get more information from the public - to date, according to the Agency, more than 1'400 comments have been submitted.

SEC Secretary Brent fields wrote:

Such proceedings are appropriate at present in connection with the legal and political issues raised in connection with the proposed change in the rule. However, this does not indicate that the Commission has already reached any conclusions on any of the issues raised below. The Commission seeks and encourages interested persons to comment on the proposed change to the rule.

According to the terms of the offer, VanEck and SolidX will create a bitcoin trust in which SolidX will transfer shares. The SEC has already postponed a decision on this issue once and could potentially postpone the final decision until February in accordance with the current rules.

Last month, the SEC was in the spotlight after rejecting nine proposed bitcoin ETFs, postponing the final decision. In any case, the results will be clear only when this separate review process is completed.

Link to information resource - https://altstake.io/news/sec-prodvigaetsya-k-prinyatiyu-resheniya-po-bitkoin-etf-ot-vaneck-i-solidx