You've probably been seeing some recent murmur in the headlines about a Bitcoin ETF and the SEC.
This was referring to an October 9 meeting with Commissioner Roisman and folks from SolidX, VanEck, and CBOE.
The point of this meeting was to give arguments for why the Bitcoin ETF should be approved as previous issues identified by the SEC are now resolved.
If you're interested in seeing the presentation, you can take a look at it here.
The presentation was a response to reasons the SEC gave as when they rejected a previously submitted Bitcoin ETF.
The key points are these: - Multiple CFTC regulated derivatives markets now exist for bitcoin, so the market is now more mature.
- Trust will use OTC bitcoin trading desk pricing, so the price is harder to manipulate.
- Proliferation of information sharing agreements, so a non-US entity will be able to share relevant info about market trading/clearing activity + KYC/AML, without being materially impeded by the non-US entity's laws.
- With ~$200,000 share price, VanEck SolidX Bitcoin Trust is not for retail.
(Basically the same points I made back in July)
My general thought hasn't changed and I still think that a Bitcoin ETF approval in Q1 of 2019 is very possible.
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