The SEC has officially opened a new office to deal with fintech and cryptocurrencies. The interest for a Bitcoin ETF is rising, even though the SEC already rejected a few “offers” from investors such as VanEck. Now, the regulator has opened its doors for more discussion and proper understanding of digital coins.
VanEck and the SEC have reportedly held a meeting on the 9th of October. The meeting was also attended by SolidX, as reported by Market Watch. Both SolidX and VanEck have been bullish on a Bitcoin ETF, and have had hopes that the Bitcoin ETF will come to light one day.
VanEck approached the SEC with a presentation discussing the major points brought by the SEC on cryptocurrencies, including market manipulation, arbitrage opportunities, liquidity and valuation.
The management company presented the SEC with a detailed solution to each of the “weak” points of a Bitcoin ETF as proposed by the regulator in the past. Reportedly, the slide deck presents the fact that all major weaknesses of a potential Bitcoin ETF are now dealt with, and there is no reason why the instrument should be delayed further.
VanEck is also proposing that the price of the ETF will be equal to 25 Bitcoins, or currently around $170,000.
While VanEck has definitely went to great lengths to support the potential approval of a Bitcoin ETF, the SEC is still in two minds about the launching of such a financial instrument. The regulator commented that because of the very nature of an ETF, the Bitcoin ETF must be properly valued and must possess all necessary features of an ETF to satisfy the expectations of different investors.
Up until this moment, there is no clarity on what the next step is from both the regulator and VanEck’s sides.