Credits: Michael Spencer, medium
US Security and Exchange Commission (SEC) has decided to finalize its decision on whether to approve the Bitcoin Exchange Trade Fund (ETF) proposed by Chicago Board Options Exchange.
The SEC received the proposal in July by CBOE to list and trade the BTC shares backed by investment management firm VanEck and blockchain startup Solidx. The application was filed on 20th June and has been on the wait for the green light.
The SEC issued an order instituting proceedings to determine the approval or disapproval. The Commission has been seeking public reviews with a release saying that interested people can put forward their views, arguments and written data regarding the ETF proposal.
According to the proposal, VanEck and Solidx will create a bitcoin trust fund in which Solidx will list its shares. Delaware Trust Company will be the trustee and The Bank of New York Mellon will be the administrator, transfer agent and the custodian of the trust cash. Foreside Fund Services will be the marketing agent for the creation and redemption of the ‘basket of shares’.
The trust intends to reflect the price and performance of the Bitcoins, and may also invest in domestic and international Bitcoin Exchanges. The trust will use ‘multi-signature cold storage wallets with backups in multiple geographic locations for emergency purposes.
The SEC has already made news for considering this as it has already rejected nine ETF proposals and as per the existing regulation, further delays are likely. It’s a matter of time before the final decisions are made.
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