The VanEck SolidX Bitcoin ETF Remains ‘Approvable’ to the SEC
In the last months, and during the first part of this year, one of the hot topics was related to the approval of the Bitcoin ETF presented by VanEck and SolidX. Although the U.S. Securities and Exchange Commission delayed the approval of this ETF, it keeps standing out.
Some sources at the Chicago Board and Options Exchange (CBOE) remain sure that the VanEck Solid X Bitcoin ETF will be approved at the beginning of 2019. Most of the experts believe that the Bitcoin ETF will receive SEC approval in the future.
One of the sources explained that it would be shocked if the ETF does not win approval. However, the source marks that the approval would come with ‘a bunch’ of dissenting language amongst the approving members.
One of the CBOE sources said that the cryptocurrency market reacted irrationally to the announcement made by the SEC to delay the approval of the bitcoin ETF at the beginning of August. Nonetheless, it explains that there is an approval expectation of 99%.
When the SEC announced that the approval of this ETF was going to be delayed, the market lost over 15% in just some days. At the end of July it was traded close to $8,200 dollars and on August 14, the market reached $6,000 dollars.
Another source from Van Eck said that their team was already expecting the delay.
“Our team expected this delay, almost to the hour, and has been an expectation in our planning process. We won’t say when we expect an approval, but there have been specific speculation that we actually agree with and have incorporated into our timeline. We are in no way surprised by this. Most importantly, we believe our submission is the strongest yet to be put in front of US regulators, and believe that strength will be rewarded.”
A former SEC employee that is working now in the private sector said that the SEC is saying to the market that they are analyzing the proposals very well. For example, it is necessary to protect investors and create a product that is transparent in every single sense.
The SEC is currently analyzing the proposal made by VanEck and Solid X. About it, Abra’s chief executive, Bill Barhydt, said that an application from a trusted financial institution would win favor with the commission. Indeed, he said that he would ‘bet’ on an bitcoin ETF to be approved within a year.