The securities and exchange commission (SEC)
announced that it needs further comments from the public to finalise its decision on a Bitcoin ETF. The SEC declared its uncertainty in a filing, responding to a proposal from the Chicago board of exchange (BZX) to list the Bitcoin ETF
back in June. The ETF would be backed by investment firm, VanEck, and the financial services company, SolidX.
VanEck's director, Gabor Gurbacs, tweeted shortly after the SEC's statement how "impressed" he was that there have already been 1,400+ comments responding to the release, 99 per cent of which were in favour of the ETF.
Additionally in the tweet, Gurbacs adds that it would bring to the market a "well-constructed, liquid, physical, insured Bitcoin ETF" due to it actually holding Bitcoins. The ETF is expected to be listed on the Chicago board of Exchange once approved.
A factor which has led to SEC's uncertainty is the likelihood of market manipulation with Bitcoin ETFs. BZX commented that Bitcoins are less susceptible to manipulation than numerous commodities that are already backed by ETFs.
The report states: "Interested persons are invited to submit written data, views, and arguments regarding whether the proposal should be approved or disapproved". They have 21-days from publication in the federal register, to submit any of their comments. Additionally, there is 35-day period from the publication in the federal register to submit a rebuttal to any said comments.