Home>Business>Most Respondents File Negative Comments for SEC’s Review of VanEck/SolidX Bitcoin ETF
Business

Most Respondents File Negative Comments for SEC’s Review of VanEck/SolidX Bitcoin ETF


Multiple respondents have filed comments with the United States Securities and Exchange Commission (SEC) on the latest proposed rule change for the VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF). Comments to date were submitted between Feb. 13 and March 12.

As reported, CBOE’s BZX Equity Exchange — the exchange that would prospectively list the Bitcoin ETF — had temporarily withdrawn its application for a rule change on the ETF in January, citing the negative impact of the U.S. government shutdown on the SEC’s operations. CBOE then resubmitted the application for the SEC’s consideration at the end of the month.

On Feb. 19, the SEC announced that it would shortly be commencing the formal countdown period to approval or disapproval of the product, soliciting feedback from the public.

Among the seven comments filed thus far, six strongly urge the regulator not to approve the VanEck/SolidX proposal.

The sole response that affirms the positive value of the Bitcoin ETF approval is from respondent Sami Santos on March 12, who engages with the SEC’s previously given rationale for disapproving other ETF proposals:

“[Disapproval of] an ETF because of manipulation and […] the protection of investors is contradictory, because without an investment fund the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments.”

Noting that VanEck “offers insurance to cover possible losses,” Santos argues that ETF approval would create greater market security in providing more “liquidity, transparency and safe custody of assets that will have credibility for large investors.”

The lengthiest negative comment — from respondent Sam Ahn on Feb. 13 — focuses on Bitcoin’s lack of intrinsic value. Ahn accuses the ETF applicants and the 2008 Bitcoin white paper itself of “grand[ly] exaggerat[ing]” the mathematical complexity involved in Bitcoin mining. The applicants’ wording, he claims, “works like a moat around the castle of bitcoin mining, keeping us away from the reality of bitcoins.”

Other, more concise comments — echoing Ahn in part — focus on Bitcoin’s alleged lack of value as a financial product, its volatility and market manipulation “by the very few.”  One respondent, D. Barnwell, does provide an argument that proposes:

“I would ask the SEC […] to take a ‘watch and wait approach’ […] [t]he true game changer is the underlying technology Blockchain, not the cryptocurrency. And to make inroads into this industry-changing technology, one does not need to have a financial product based on the cryptocurrency.”

As previously reported, SEC chairman Jay Clayton has recently stated that there “may be a case where a Bitcoin ETF could satisfy our rules.”  He suggested the technology is “demonstrating significant promise in the places where it’s consistent with our approach to capital raising in the past.”

As Cointelegraph reported yesterday, the SEC is also soliciting industry input as it potentially reconsiders existing custody rules in specific cases of digital asset trading and settlement.





  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary