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VanEck, SolidX Make Case for Bitcoin ETF at its last meeting with the US SEC



The US Securities and Exchange Commission (SEC) issued a memorandum on an ETC proposal (Bitcoin Exchange Exchange Traded Fund) on November 28 of the last meeting. The motion was originally brought to the Commission by the US investment firm VanEck and the blockchain software and financial services firm SolidX.

Following the memorandum, representatives from VanEck and SolidX and the Chicago Board Options Exchange (CBOE) met members of the SEC's Corporate Finance Department, the Department of Trade and Markets, the Department of Economic and Risk Analysis, and the General Counsel's Office on the 26th of November.

As previously reported, VanEck partnered with SolidX in June 201

8 to apply for physical support for the Bitcoin ETF for listing on the BBOX Equities Exchange of CBOE: The approval or rejection is pending as the SEC made its decision moved in August.

The presentation's presentation focused on comparing Bitcoin as a commodity with more traditional assets – crude oil, silver and gold – all of which already have ETFs on the market.

In an analysis of traditional pricing Next to Bitcoin, the team claimed that "Bitcoin [s] is similar to gold and silver, its value as a" money substitute "(as opposed to crude, which is a" pure industrial commodity "). [19659002] The presentation emphasized this In all three traditional commodity futures markets, "empirical evidence" shows that "spot and futures prices are put together," indicating that "are closely related." The same is true according to the presentation Bitcoin Spot and Futures contracts and this pattern – for all available commodities – is "evidence of a well-functioning capital market."

In another key argument, the VanEck SolidX team argued that Bitcoin was actually more resistant to the market Compared to the traditional counterparts with approved ETFs.

For physical commodities, the team said that "inside information" like "the discovery new sources of supply or significant disturbances at production sites are exploited. For Bitcoin, these situations are, according to the claimants, "not applicable".

Other examples of Bitcoin's "resilience" to manipulation included the presentation of the lack of a "strong concentration of funds on a particular Bitcoin or OTC platform". "Given the fact that" [a] rbitrageurs must be spread across multiple trading platforms to capitalize on temporary price distortions. In addition, Bitcoin's arbitrage process has advantages over other commodities such as oil because Bitcoin's homogeneity leads to a single global market rather than to regional, semi-independent markets leading to fungibility and market fragmentation. "

As reported this week, VanEck has just announced a partnership with the second largest in the world Stock Exchange Nasdaq is launching a series of" transparent, regulated and controlled "digital assets products, beginning with a Bitcoin futures contract, which was already planned for Q1 2019.


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