New SEC Solicitation Message Triggers The Bitcoin ETF Bulls Into Eyeing VanEck SolidX Approval
Rumours About SEC Approving Bitcoin ETFs Sparks Up Again As The Watchdogs Issue Solicitation Notice
As soon as Cboe resubmitted its proposal in support of the Van Eck and Solid X Bitcoin exchange-traded fund (ETF), the US SEC urged businesses to offer data and information regarding the common blockchains to ensure that “there is no loss in data completeness and accuracy due to the data transformation tools and processes applied.”
SEC stated that likely businesses must:
“Provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details.”
The notice comes right after the Office of Compliance Inspections and Examinations (OCIE) of SEC made cryptos a top agenda.
Bitcoin ETF’s were set for approval by the SEC, a move that did not through in 2018 as expected. However, the proposal is still on the table with the market looking forward to the SEC decision in Q1. Clearly, this issue played a big role in Institutional entrants into the crypto market as most preferred to hold on to their funds in other portfolios.
Other similar markets like Bakkt have announced physically settled BTC futures but their effect on digital asset prices remain statistical speculation. In summary, most market prices are easily manipulated and this might be the case with BTC ETF’s just as we have seen repackaging of financial products to boost market activity in the past.