Bitcoin Exchange Traded Funds (ETF) is currently witnessing hostile opposition from the United States Securities and Exchange Commission (SEC). While, some from within the regulatory body have sounded their support, the fate of the ETFs, remain unclear so far.
However, people have not yet lost hope. Ric Edelman, founder of advisory firm Edelman Financial Engines, believes that there is hope yet and there is future for ETFs.
In an interview with news portal CNBC, Edelman said, “It’s virtually certain. The only question is when,” Edelman said, in an interview with CNBC. The SEC has several legitimate thoughtful concerns that the industry has to overcome but I’m confident they will. Eventually, we will see a bitcoin ETF and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
In the past, SEC has sounded some reservations it has about the validity of these cryptocurrency-based offerings. To be fair, ever since the regulatory body took up an interest in the ETFs, they gave the public a chance to put their opinions across and find out if there was enough support for bitcoin ETFs.
Edelman further said, “We’ve got some serious players. Fidelity has made a major announcement in the custody issue. We’ve got Kingdom Trust and a number of other very serious players on the custody side. I’m confident that in very short order VanEck or Bitwise will satisfy the custody concern to the SEC.”
Speaking of VanEck, the company saw an interesting turn recently. During the recent shutdown imposed by the United States President, Donald Trump, the company had withdrawn its application for bitcoin ETFs. After the shutdown was lifted, the company refiled its application, with a few changes. The revised application read, “Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”),1 and Rule 19b-4 thereunder,2 Cboe BZX Exchange, Inc. (the “Exchange” or “BZX”) is filing with the Securities and Exchange Commission (“Commission”) a proposed rule change to list and trade shares of SolidX Bitcoin Shares (the “Fund”) issued by the VanEck SolidX Bitcoin Trust (the “Trust”), under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The shares of the Trust are referred to herein as the “Shares.”
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