By
Mayowa Adebajo
April 18th, 2024
More than 97% of people commenting on the SEC website have shown sincere interest in Bitcoin ETF. The SEC ruling is expected to arrive by September.
Last month on June 20, the Chicago Board Options Exchange (CBOE) filed for a Bitcoin-based exchange-traded-fund (ETF) with the U.S Securities and Exchange Commission (SEC), and in return, the SEC sought for public comments on this matter. As per the latest comments available on the SEC website, 97% of the people have shown sincere interest in Bitcoin ETF, and they want them to be released soon.
In addition to the public comments, a report from the Investor’s Business Daily shows that the SEC has been receiving tons of emails regarding the Bitcoin ETF request for comments. Although the comments period now closed, it lies up to SEC’s discretion as to what it decides on the Bitcoin ETF. However, an unnamed source from the SEC has indicated for a positive outcome while using specific and less optimistic language.
Additionally, CoinJournal cited a CFTC official, who said:
“I would call it 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding Bitcoin futures across several global exchanges. The price moderation and adoption of a ‘peer product’ is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”
Cody Parm, an electrical engineer who commented on the SEC website, said:
“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”
The CBOE Global Markets had filed for the Bitcoin ETF with the SEC by working in collaboration with the New York-based VanEck and blockchain platform SolidX. Filed under the Vaneck Solidx Bitcoin Trust (“the Trust”), CBOE will also allow for over-the-counter (OTC) trades for accredited investors in the traditional financial market.
“According to the Registration Statement, the Trust will invest in bitcoin only. The activities of the Trust are limited to: issuing Baskets in exchange for the cash and/or bitcoin deposited with the Cash Custodian or Trust, respectively, as consideration; purchasing bitcoin from various exchanges and in OTC transactions; delivering cash and/or bitcoin in exchange for Baskets surrendered for redemption; maintaining insurance coverage for the bitcoin held by the Trust; and securing the bitcoin held by the Trust,” the CBOE application reads.
The SEC is expected to decide on the ruling of the Bitcoin ETF by the month of September. “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space,” a SEC official told CoinJournal.