The U.S. Securities and Exchange Commission (SEC) announced on Thursday that has begun a formal review process for the physically-backed bitcoin ETF proposed by VanEck and SolidX. According to the order dated Sept. 20 and published on the SEC’s website, the regulatory agency will now consider whether, pursuant to federal securities guidelines, it should approve the fund — the VanEck Solidx Bitcoin Trust — for listing on CBOE BZX Exchange. From the order: “Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings ... (full story)