New SEC Commissioner Meets With Crypto Cos. On Bitcoin ETF Approval

bitcoinsec oct24

Elad Roisman, the recently appointed Commissioner of the U.S. Securities and Exchange Commission, met and discussed a bitcoin exchange-traded fund or ETF with related cryptocurrency companies.

In a document, the SEC announced that Commissioner Roisman, who took office in September, and his counsels on October 9 met with the representatives of blockchain startup SolidX and money manager V anEck, to talk about their application for VanEck SolidX Bitcoin Trust, a Bitcoin ETF. The team also included representatives from the listing exchange CBOE.

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

The meeting was to discuss a rule change request the companies submitted as part of their effort to get the approval for the bitcoin ETF.

In the presentation provided to the Commissioner, the companies noted that VanEck SolidX Bitcoin Trust's share price, if approved, will be around $200,000 or 25 bitcoin per share. The Trust will also be insured against loss or theft of bitcoin.

The presentation addressed SEC's concerns when it disapproved the bitcoin ETF in March 2017.

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.

Earlier, the regulator had announced that it was delaying a decision on the VanEck ETF until September 30.

In August, the SEC rejected around nine applications for bitcoin ETFs, including that of ProShares. The denial of proposals from three different applicants were over concern about fraud and manipulation of bitcoin markets.

SEC in July had rejected a much anticipated second attempt by crypto exchange Gemini, run by Tyler and Cameron Winklevoss, to list a bitcoin ETF.

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

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