The United States SEC Is Still Examining an Application for Bitcoin ETF from CBOE Global Markets

The CBOE (Chicago Board Options Exchange) Global Markets files with the U.S. Securities and Exchange Commission for Bitcoin ETF, and the SEC is still examining their application. If their application is approved, the firm will have the coveted Bitcoin ETF license, and this will attract new waves of institutional investors to the arena of the digital currency.

The digital currency arena is largely unmonitored, and the Securities and Exchange Commission has decided to take some adequate actions to ensure the safety and protection of customers. Nevertheless, after much speculation and debate, the US SEC recently came to the conclusion that Ethereum and Bitcoin were too decentralized to be categorized as securities, and could no longer be regulated by the agency.

The SEC’s Recent Announcement

Late last month, the SEC regulators also announced that they were working on a less-restrictive outline for newer legislation concerning low-risk and open-ended ETFs to enhance innovation in the financial sector. The could boost the chances of Trust as well as other firms that wish to establish Bitcoin ETFs in the future.

The ETF in question is being offered through the VanEck SolidX Bitcoin Trust – a collaboration between financial companies SolidX and VanEck. If this application is granted, customers will be able to buy shares in the Trust, which at the time of writing is worth about 25 BTC each.

After much speculation from interested experts, the app has been released for the viewing and commentary of the public, this will enable regulators to better understand if the venture is worth acting on. The application of the Trust states that “the ETF” will use available offering proceeds to buy BTC basically in the OTC markets without exceeding the relevant position limits or being leveraged.

It also reads that it will put an insurance policy in place, just in case cyber-attacks or theft occur. Hence, investors don’t have anything to worry as their money will be covered if anything happens.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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