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Bitcoin BTC News, Cryptocurrency News

VanEck/SolidX to launch Bitcoin ETF without SEC approval

The ongoing BTC ETF saga upto has been a frustrating and tedious one. With rejections and delays being normal service and no real look like a change is on the horizon…upto now. The WSJ have reported that the joint VanEck/SolidX Bitcoin Exchange Traded Fund is to be launched WITHOUT the SEC’s approval – as early as this week!

This news comes as a big surprise to the entire space, with it only being available to institutional investors, and not retail. The official stance of 3 ETF’s was a delay as reported a few weeks back, primarily due to ongoing concerns of market manipulation. With this not looking to be significantly different in any short term, many were not looking to see any ETF’s approved until 2020 at the earliest. However, a SEC loophole looks to have been exercised, which states:

The SEC’s Rule 144A, which allows for the sale of privately placed securities to “qualified institutional buyers.”

While this rules out retail participants, it will allow hedge funds, banks and brokers to use the ETF. It seems unlikely that this same product will then be offered to retail investors, however, any form of Bitcoin ETF launching, this week is one that the bulls will be toasting.

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