The final decision-making process and discussion on Bitcoin ETF (Exchange-Traded Fund) is said to conclude on the 10th of August, according to the SEC’s website. The regulatory body is currently waiting for public comments on the listing and trading of Bitcoin ETF.

The Bitcoin ETF was introduced by VanEck SolidX Bitcoin Trust, that only came together earlier in June. The final decision will be announced on the 10th of August and this in turn will reflect on the legitimacy of the cryptocurrency market in the country and whether or not the market will get its due in funding.

CBOE ETF Filing

The Chicago Board Options Exchange (CBOE) had filed for a Bitcoin ETF License in the first week of June. The idea behind the application for the license was to give the world’s first cryptocurrency a larger institutional investor base in the country.

The Chicago Board of Options Exchange filed for the ETF so that they could list and trade the shares of VanEck SolidX Bitcoin Trust, on their exchange.

The application listed a number of names of reputed companies and banks that are in favour of and lending services to the Trust. Among the names listed were the names; Bank of New York Mellon and Foreside Fund Services, LLC.

The application for the ETF is currently available on the SEC’s website and is awaiting comments from interested persons. The SEC has confirmed that they will announce their final decision after due deliberation and consultation on the 10th of August, which is under a month’s time away.

VanEck and SolidX

This isn’t the first time that the mutual funds pioneer, John van Eck, has approached the SEC about an ETF license for Bitcoin. It is, in fact, his third time. But this is the first time he has taken the support of a leader in the blockchain industry and joined forces to apply.

The two powerhouses came together earlier in June and the named themselves the VanEck SolidX Bitcoin Trust. And as the name suggest their trust has promised, in their application, that they will only be dealing with Bitcoin for now and allow only accredited investors to invest in Bitcoins through their Trust.

They have come together to give the cryptocurrency a more institutional format and investor base and the decision the SEC takes on their ETF license, by extension reflects on the legitimacy of the market in the country and also assures or denies the market, depending on the way the verdict goes, a trillion dollar funding opportunity.

Will the SEC Change Its Mind?

In the past the SEC has rejected multiple ETF license applications. The most noteworthy among them were filed by names like the Winklevoss twins and John van Eck, himself. This is the second time that the CBOE, themselves, have applied for an ETF license.

The SEC’s ground for rejection were pretty valid and standard. They cited the volatility of the market, the high factors of risk and the ease of accessibility to retail investors.

While all of these are valid reasons for rejection, this time around the SEC may change their previous stance. Because only recently the SEC announced that Ethereum is no longer a security. But which way the SEC will sway on the matter, only time will tell and will become clear in under a month’s time on the 10th of August.

Ramaa Mohan