The United States Securities and Exchange Commission (SEC) has recorded numerous comments from the public after opening up an ETF application for public feedback. The comments are largely in favor of the ETF approval.
VanEck and SolidX have partnered to create the VanEck SolidX Bitcoin Trust which will issue shares of the BZX exchange traded fund (ETF), if it is approved by the SEC. If approved, BZX would be listed on the Chicago Board Options Exchange (CBOE), and would be available on all major stock trading platforms, making it easier than ever before to buy Bitcoin.
Travis Williams submitted this eloquent comment: “As a long time investor in cryptocurrencies and related technologies, an ETF that is properly regulated and utilized safe physically stored assets is an important step in providing citizens a much more secure manner to invest. Most of the difficulties I’ve witnessed in the past involves issues with individuals safely storing their bitcoins/crypto. This ETF as a first (as well as other) are an important step in continuing to stabilize and protect investors of all sizes… I suggest action be taken to start approving ETFs versus inaction which appears to be more damaging to investors.”
He brings up the very important point that approving a Bitcoin ETF would make it more secure for institutional investors to participate in the crypto market, which is theoretically what the SEC is striving for. Additionally, approving BZX would make it easy for the SEC to oversee Bitcoin investment, as opposed to now with investment occurring through many different non-standard channels.
Chase Carter makes a similar comment regarding how regulation is a better route than ignoring Bitcoin or making it illegal. Carter commented, “I am of the mind that government can do more to protect investors by accepting and regulating this emerging asset class, versus ignoring it altogether–similar in principle to abortion and vice items like alcohol and marijuana.”
Another commenter, Rahsaan, said, “You gentlemen must do it, this is literally our future right now. You’ll be regarded as financial visionaries, and think about the job creation. There’s simply too much on the table to do nothing.”
There are almost 100 other comments in favor of the SEC approving BZX. BZX is tailored to fix the mistakes that have caused Bitcoin ETFs to be rejected in the past, especially since it uses actual Bitcoins instead of holding fiat, so there is no danger that market volatility will cause the ETF to become insolvent.
A decision from the SEC regarding BZX is expected in mid-August. It is speculated that the ongoing Bitcoin rally is the result of speculation that the ETF will be approved.
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