The United States has received another application from CBOE Global Markets. Other applications have unfortunately not been approved, but a Bitcoin ETF appears to have a better change of success. Many of these rejections have occurred as a result of an unregulated market, but the SEC has recently made clarifications. These changes show that Bitcoin and Ethereum are not considered securities, which hopefully has given enough understanding to help Bitcoin bring more value and institutional money into the industry.
CBOE Global Markets is just one of the most recent companies to put up an application for an ETF licenses. The SEC requested comments on the application on June 26th. The proposal only will trade with SolidX Bitcoin Shares, and each share will be worth 25 Bitcoin. Even with approval, consumers cannot expect to see trading options available until the first quarter of 2019.
“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.”
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