Regulators again delayed a decision on the VanEck SolidX Bitcoin Trust ETF (XBTC).
“The United States Securities and Exchange Commission (SEC) has again postponed its decision on a Bitcoin (BTC) exchange-traded fund (ETF), according to an official document published Thursday, Dec. 6,” reports CoinTelegraph.
In June, ETF issuer VanEck and SolidX, a fintech company engaged in the bitcoin ecosystem, revealed plans for the VanEck SolidX Bitcoin Trust ETF (XBTC). That fund is targeted at institutional investors as it would debut with a share price of $200,000. That product would track an index linked to a group of bitcoin trading desks, possibly allaying some of the SEC’s prior concerns about funds linked to physical bitcoin.
In October, the firms recently met with the SEC, making another push to bring XBTC to market. XBTC would track an index linked to a group of bitcoin trading desks, possibly allaying some of the SEC’s prior concerns about funds linked to physical bitcoin. The SEC released a memorandum regarding the meeting.
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Consistent Denials
Earlier this year, the SEC rejected the applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.