The pieces are falling into place for an approved Van Eck Bitcoin ETF

22 Oct, 2018
by Arthur Sillers
News
The pieces are falling into place for an approved Van Eck Bitcoin ETF

While many in the crypto sphere are disappointed by the SEC’s decision to postpone the VanEck Bitcoin ETF, there is reason to still be hopeful, with an SEC memo detailing meetings between commissioner Elad L. Roisman and representatives of SolidX, V anEck, and CBOE, the imminent launch of Bakkt, and the SEC’s increasingly friendly language towards the possibility of a Bitcoin ETF.

The importance of the note is that it is evidence that Roisman is a supporter of a Bitcoin ETF, or at least is taking the consideration seriously. If Roisman is a supporter of an ETF, this means that at least two of the five SEC commisioners are ready to approve, the other being Hester Pierce, who has already indicated her friendly position.

Furthermore, this dovetails nicely with a report from Abacus Journal who spoke to a legal expert who has read through the actual procedural documentation of the Van Eck delay, who cast the decision in a much more optimistic light.

A source quoted by Abacasus internal to the CBOE noted that while a delay was inevitable, reading through the announcement ‘and the clues in it, around it, and commentary after it has given us ‘sky-high’ confidence that this will be the first Bitcoin ETF product approved by the SEC. A change in language and the follow up by Van Eck executives after the announcement – almost as if this document was as good as an approval. Tea leaves are clear, but SEC will play out the clock and then approve. 2019.’

Furthermore, we now officially have a released date for ICE’s Bakkt exchange, which just today was announced to go live December 12 of this year. Commentators have speculated that a Bitcoin ETF will follow closely after Bakkt’s approval by the CFTC.

Read more: SEC files amendments on multiple BTC ETFs, giving an October 26 deadline

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