In the industry’s Sisyphean struggle to secure a (), the boulder is rolling back down the hill.
The U.S. Securities and Exchange Commission () today, May 20, 2019, that it is delaying its decision on the VanEck and SolidX proposal. With this additional extension (the first coming on March 29, 2019), the agency will have until August 19, 2019 to either approve, reject or delay the decision yet again; if it is delayed a second time, the agency will have to reach a final decision by October 19, 2019.
This is the first of many instances in which the has or rejected rule that would allow for the world’s first to come to market. VanEck and SolidX, in collaboration with the Cboe BZX exchange, for a in January 2019 amid a federal government shutdown. The VanEck has been considered one of the industries best shots at receiving approval for such a product, as trailblazers like have failed, alongside numerous other.
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the notice reads. “Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
As with past decisions, the is opening the floor to the public for comment on the validity or invalidity of a . The document lists several concerns, including whether or not the Cboe has entered into a “surveillance-sharing agreement with a regulated market of significant size related to ” for adequate price discovery; what the relationship is between the futures market and the spot market; how effective the index developed by VanEck will be to track the price for the ; what each “commenters’ views on the size, liquidity, transparency, number and nature of market participants” is; and why VanEck/SolidX have marketed the as a solution for institutional investors as opposed to retail ones.
VanEck’s director of digital asset strategy, on the prospect of an approval despite the revolving putdowns of delays, rejections and withdrawals. Meanwhile, that the agency is fumbling an opportunity to usher in a more regulated investment vehicle and is stifling market progress by telling investors what is and isn’t a legitimate investment.
Published at Mon, 20 May 2019 22:06:13 +0000
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