New SEC Commissioner Briefed on Bitcoin ETF in October Meeting

Representatives from VanEck, SolidX and the Cboe have met with the SEC's newest Commissioner, Elad Roisman, to discuss a bitcoin ETF proposal.

AccessTimeIconOct 23, 2018 at 3:45 p.m. UTC
Updated Sep 13, 2021 at 8:31 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The newest commissioner with the U.S. Securities and Exchange Commission met with representatives from money manager VanEck and blockchain startup SolidX earlier this month to discuss a bitcoin-based exchange-traded fund (ETF).

Commissioner Elad Roisman, who took office in September, met with Dan Gallancy and Dimitri Nemirovsky at SolidX, Laura Morrison and Kyle Murray from the Cboe and Adam Phillips from VanEck to discuss a rule change proposal the companies submitted as part of an effort to launch a bitcoin ETF, according to a document dated October 9.

The ETF's proponents shared a similar presentation with Roisman that they had previously presented to the SEC, noting that if approved, the ETF share price will be roughly $200,000, or 25 bitcoin per share. The Trust holding the bitcoin will also be insured against the loss or theft of the bitcoins.

Perhaps most notably, however, the presentation addressed concerns presented by the SEC when it disapproved a bitcoin ETF in March 2017, including the fact that there are now regulated derivatives markets for the space.

Since the last meeting with the SEC, the regulator has moved to make a final decision on the proposal. Last month, the agency published an order launching proceedings "to determine whether to approve or disapprove" the proposal.

It called for more public comments, which were due by October 17. Any members of the public who wish to rebut any arguments can file by October 31.

SEC image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.