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

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bank of England Committee Calls for Enhanced Crypto Regulation to Limit Contagion

The loss of $2 trillion of crypto market cap over a period of months has “underscored the need for enhanced regulation,” the Bank of England’s Financial Policy Committee said.

CoinDesk - Unknown
2
CoinDesk - Unknown
Nexo Signs Term Sheet With Vauld for Potential Acquisition

Nexo said it has a 60-day exclusive due diligence period in which to decide if it will acquire up to 100% of Singapore-based Vauld.

CoinDesk - Unknown
3
CoinDesk - Unknown
UK Government Seeks Views on DeFi Taxation

Those wishing to submit evidence have until Aug. 31 to do so.

CoinDesk - Unknown
4
CoinDesk - Unknown
Former JPMorgan Banker Samir Shah Becomes COO at Pantera Capital

Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

CoinDesk - Unknown