Another BTC ETF Plan Is Before the U.S. SEC; Who’s Peddling It May Surprise You

The SEC is reviewing the latest proposal for a Bitcoin ETF, and this one is unique because of the unusual player that is behind it.

When it comes to creating a Bitcoin exchange-traded fund, the U.S. Securities and Exchange Commission has balked at every proposal.

Still that has not stopped those who want to launch such a fund from going before the regulator with their grand ideas.

The latest hopeful is, interestingly, the Cboe. Given its stature, could this be the one to pass muster with the SEC?

The surprise player

On June 20, officials from the Cboe BZX Exchange filed with the SEC proposed changes to a particular securities’ rule.

The VanEck SolidX Bitcoin Trust will be responsible for custody of the trust’s Bitcoin.

The Bank of New York Mellon will be the administrator, the transfer agent and the custodian, with respect to cash the cash custodian of the trust.

The SEC didn’t toss their request out, but instead moved forward to allow comments on the ETF proposal and the rules’ changes.

The players

VanEck is an investment firm. For this ETF effort, it partnered with SolidX, which is a Blockchain startup. Reportedly, this is VanEck's third try to create a Bitcoin investment vehicle.

The terms

According to the documents that were filed, it was clearly stated that the only crypto that would be held in the fund would be Bitcoin.

The filings indicate that the trust will invest solely in Bitcoin. The document goes on to state the following about this ETF’s objective.

The SEC is asking for comments on this proposed rule change from "interested persons."