The ETF application submitted by VanEck-SolidX has been approved for review, the application of which is expected to be decided by 29 December of this year or by 1 February of the following year (if the allowable deferment is used). There are currently nine other ETF filings with the SEC for review, where users had the opportunity to submit comments by November 5, 2018, why one is pro or contra Bitcoin ETF.
Many believe that VanEck, a veteran investment management firm with years of professional relationships with US regulators, has taken care of all of the SEC’s concerns and is likely to be approved.
Market manipulation of the underlying Bitcoin market was one of the main reasons behind the previous refusals by the SEC. Gurbacs acknowledged that every other market also contained some manipulation by referring to the JP Morgan trader, who manipulated the commodity and precious metal markets for seven years. In addition, the Vaneck strategist stated that the SEC is not actually responsible for the regulation of spot markets, as this is the task of the Commodity Futures Trading Commission (CFTC).
Gurbacs emphasized that security measures have been introduced at the institutional level, starting with unchangeable price sources in conjunction with standard off-the-shelf tools that reduce manipulation.
“If there are market manipulations, there are concerns. We have done everything we can.”
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