New SEC Commissioner Meets Crypto Companies Regarding ETF

The recently appointed Commissioner of the US Securities and Exchange Commision, Elad Roisman met and discussed a Bitcoin exchange-traded fund or ETF with the relevant cryptocurrency companies.

In a document, it was announced by the SEC that Commissioner Roisman and his counsels met with the representative of blockchain startup SolidX and money manager VanEck, to discuss their application for a SolidX VanEck Bitcoin trust, a Bitcoin ETF.  the team also included representatives from the listing exchange CBOE.

Dimitri Nemirovsky and Dan Gallancy from SolidX, Kyle Murray and Laura Morrison from Cboe and Adam Phillips from VanEck were the representatives.

The aim of the meeting was to discuss the rule change request the companies submitted as part of their effort to get approved for the Bitcoin ETF.

In the presentation the provided to the Commissioner, the firms noted that the SolidX and VanEck Bitcoin Trust share price will be around $200,000 or 25 Bitcoin per share. The Trust will also be insured against theft or a loss of the leading cryptocurrency.

During the presentation, the SEC addressed the concerns of the SEC when the Bitcoin ETF was disapproved back in March last year.

As reported by RTT News

“SolidX began working on a bitcoin ETF in 2015, partnered with VanEck in 2017. SolidX Bitcoin Trust filed its initial S-1 registration statement in March 2016 with the NYSE as the listing venue. Further, the NYSE filed its 19b-4 in July 2016, while SEC Staff disapproved the 19b-4 filing in March 2017.”

The regulator announced that the decision was going got be delayed until 30th September. In August, the SEC rejected nine applications for Bitcoin ETFs including that of ProShares. With these proposals being denied from different applicants were over concern regarding fraud and manipulation of the Bitcoin markets.

Back in July, the SEC has rejected the second attempt by Gemini, the popular crypto exchange run by the Winklevoss twins to list a Bitcoin ETF.

The regulator is considering several other applications for crypto ETFs including a filing by Crypto asset manager Bitwise.

Bitcoin is currently in the green with a 0.49% increase at the currency time of writing and is priced $6,500.

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