Bitcoin ETF ‘Nearly Certain’ To Win Approval Later This Year

Our most optimistic source, coming from the CFTC, said the following, “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.”

The second source, a former SEC employee who left the regulator two weeks ago, had this to say, “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. To be clear, most of the regulation will be first focused on ICO’s and the issues those pose for retail investors at the moment. US residents are sending money to all sorts of exotic locations to invest in unregulated instruments with absolutely zero recourse for losing every cent they’ve put at risk. ICO regulation will begin to solve those issues and keep client assets ‘onshore’.

https://www.forbes.com/sites/billyba.../#6ba82d8f88f5

https://www.sec.gov/comments/sr-cboe...bzx2018040.htm

The question I'm asking is will the ETF have to purchase BTC to back the fund? That would move this ~150B market substantially.

As defined in Rule 14.11(e)(4)(C)(i), the Shares will be: (a) issued by a trust that holds a specified commodity deposited with the trust; (b) issued by such trust in a specified aggregate minimum number in return for a deposit of a quantity of the underlying commodity; and (c) when aggregated in the same specified minimum number, may be redeemed at a holder’s request by such trust which will deliver to the redeeming holder the quantity of the underlying commodity.

Assuming a bitcoin price of $8,000 and approximately 25 bitcoin per Share, the Shares would be approximately $200,000 each.

Thanks for that TMR. Just the news I was looking for.

Do you know how many shares there will be?

The Trust currently expects that there will be at least 100 Shares outstanding at the time of commencement of trading on the Exchange, which the Exchange believes to be sufficient to provide adequate market liquidity.

Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040).

https://www.sec.gov/rules/sro/cboebzx/2018/34-83792.pdf

As expected. https://www.cryptocraft.com/news.php?do=news&id=811316

On September 20th, 2018 the Securities and Exchange Commission announced its decision regarding Cboe Bitcoin exchange ETF is set for a later date being postponed. https://www.sec.gov/rules/sro/cboebzx/2018/34-84231.pdf

As part of this process, the SEC wants more input from the public – to date, according to the agency, more than 1,400 comments have been submitted.
The SEC decision may be postponed by a total of up to 240 days, making February 27, 2019 the final deadline.

- August 16: Approve, deny, or delay (delayed August 7)
- September 30: : Approve, deny, or delay (delayed September 20)
- December 29: Approve, deny, or delay (upcoming)
- February 27: Approve or deny (final deadline)

https://video.foxbusiness.com/v/5856...#sp=show-clips

The U.S. Securities and Exchange Commission (SEC) extended a rule change proposal allowing the nation’s first bitcoin exchange-traded fund (ETF), pushing the decision to the final deadline to next year February 27, 2019.

https://www.sec.gov/rules/sro/cboebzx/2018/34-84731.pdf

And Cboe has withdrawn its proposal for the VanEck-SolidX Bitcoin ETF. The End

https://www.sec.gov/rules/sro/cboebzx/2019/34-84988.pdf

https://www.coindesk.com/cboe-withdr...dx-bitcoin-etf

Hi dumbo.

It's postponed ,because of government closure

Will see next few months.... India, Bakkt, LN massive adoption....


Buy McDonald's vouchers and Zimbabwe debt if you're into government stuff, fiat, LOL.

The Cboe VanEck/SolidX Bitcoin ETF proposal(File No. SRCboeBZX-2018-040) was not postponed it was withdrawn due to the government shutdown. https://www.coindesk.com/cboe-withdr...dx-bitcoin-etf

The Bitcoin ETF proposal must be resubmitted which will reset the SEC approval, deny, or delay period to a maximum of 240 days.

Cboe Resubmits the VanEck/SolidX Bitcoin ETF Proposal for SEC Approval.

https://www.coindesk.com/cboe-re-fil...n-etf-proposal

The U.S. Securities and Exchange Commission (SEC) has delayed making a decision on two bitcoin exchange-traded fund (ETF) proposals earlier this year. As a result, the SEC said it will “either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change” by May 16, 2019.

https://www.coindesk.com/sec-postpon...n-etf-proposal

https://www.sec.gov/rules/sro/cboebzx/2019/34-85475.pdf

The U.S. Securities and Exchange Commission (SEC) delayed making a decision on three bitcoin exchange-traded fund (ETF) proposals August 12, 2019.

The filings were published in the Federal Register in February and June, kicking off the legally-mandated 240-day clock on a final decision.
Final decisions on the Bitwise and VanEck/SolidX proposals are expected by Oct. 13 and Oct. 18, respectively.

https://www.coindesk.com/sec-delays-...s-until-autumn

So they've finally exhausted all options to delay further?

Obviously it will be great for crypto once an ETF is approved, but I'm excited about how great it will be for investors. I can't wait for the day I log into my Schwab account and buy bitcoin just as easy as I could buy AAPL or WMT. The whole crypto industry is going to evolve a lot when this happens and I think the high transaction fees you see at exchanges will go away.

Cboe BZX Exchange withdrew its VanEck/SolidX bitcoin exchange-traded fund (ETF) proposal on Tuesday, September 17.

The news comes just weeks after VanEck and SolidX began offering shares of the Trust to qualified institutional buyers (entities with at least $100 million in assets owned or invested) under a Rule 144A exemption. In the nearly three weeks since first announcing the product, one “basket” of four bitcoin (worth around $40,000) was traded

https://www.coindesk.com/vaneck-soli...rom-sec-review

https://www.sec.gov/rules/sro/cboebzx/2019/34-86995.pdf