The US Securities and Exchange Commission has released the memorandum of the meeting with representatives of SolidX, VanEck, and CBOE regarding ETF-fund.
During the meeting held on October 9, VanEck submitted all required documents that may dispel SEC doubts that prevented it from granting the ETF license. The regulator postponed consideration of VanEck's application this summer.
According to the document, the company listed five factors which may prove that they are ready for the ETF.
VanEck representatives mentioned the following:
"There now exists a significant regulated derivatives market for bitcoin. Relevant markets - Cboe, bitcoin futures, OTC desks - are regulated. Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs. Cboe's rules are designed to surveil for potential manipulation of Trust shares. Promotes investor protection."
For reference, the regulator noted earlier that the regulated derivatives bitcoin market was small, while VanEck, SolidX and CBOE in this context blamed SEC with non-stop revision of game rules.
"As issuers, we are concerned the SEC staff have created a moving target in their use of the word "significant".The Staff have never provided guidance as to what "significant" means, enabling them to move the goal post indefinitely," reads the document.
It is worth mentioning that SEC commissioner mentioned during the recent media interview that SEC has not determined clear stance towards this product.