As a follow up to our article of last Monday, July 9th, we’d like to inform readers that the Securities and Exchange Commission (SEC) have opened up their website so that members of the public can comment directly on the latest Bitcoin exchange-traded fund (ETF) application. You can add your comment here.
As regular readers of Crypto Traders Pro will know, this latest proposal was made by the Chicago Board Options Exchange (CBOE) alongside VanEck and SolidX. The page on the SEC’s portal, entitled “Comments on Cboe BZX Rulemaking” and regarding a “Proposed Rule Change to List and Trade Shares of SolidX” allows website visitors to send comments directly to the commission.
VanEck CEO Jan van Eck describes the proposed ETF as “designed to provide exposure to the price of bitcoin” but with “an insurance component…(to)…help protect shareholders against the operational risks of sourcing and holding bitcoin.” In a nutshell, the instrument would enable investors to buy and hold Bitcoin whilst reducing some of the challenges and risks normally associated with crypto trading. Only accredited investors would be eligible to purchase shares. And the cost of a share? A cool 25 BTC.
Many in the crypto community believe that a green light would mean a trillion dollar influx of money from Wall Street and the top-tier investment firms. As one recent comment on the site posits, an “ETF has potential to take the price of Bitcoin from $6K to $30K in…(a)…few days” and “start the new crypto cycle.” There’s a feverish tone to some of the submissions, suggesting it is currently those holding the heaviest bags who have the most interest in a positive judgement from the SEC.
Interested parties can submit comments using the online form, by email, or by good old-fashioned envelope and postage stamp to the SEC’s HQ in Washington. It appears a final decision will be made by the commission by August 10th.
