- bitcoindollar2 - CBOE Files New Bitcoin ETF Application with SEC

The U.S. Securities Exchange Commission (SEC) has received an application for a license from Global Markets, which would bring the ability to invest in Bitcoin to an even greater institutional investor base.

As BitcoinExchangeGuide reports, the SEC requested comments on the application on June 6th. The proposal only will trade with SolidX Bitcoin Shares, and each share will be worth 5 Bitcoin. Even with approval, consumers cannot expect to see trading options available until the first quarter of 19.

Although the U.S. regulator has historically taken a hard stance on crypto-backed funds, the CBOE application might have a better chance of success. This is because the SEC recently commented that it does not classify Bitcoin and Ethereum as securities. As a result, this may open the door for cryptocurrencies to become tradeable as ETFs.

VenEck SolidX Bitcoin previously put in two applications for this matter, but they were rejected under the violation that the crypto market was entirely unregulated. This rejection occurred in March 2017, though the SEC released the following statement at the :

“Based on the record before it, the Commission believes that the significant markets for Bitcoin are unregulated. Therefore … the Commission does not find the proposed rule change to be consistent with the Exchange Act.”

Other entities like the Winkelvoss twins’ funds have attempted to get over the final hurdle of the SEC license, so it is hoped that the recent comments from the SEC will change matters.

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