- SEC Commissioner Elad Roisman has met with representatives from Van Eck, SolidX, and the CBOE
- During the meeting, there was a discussion about possible approval of the Bitcoin ETF
The relationship between blockchain and the Securities and Exchange Commission (SEC) has been a complicated one. On one hand, there was talk of the SEC not putting solid enough regulations in place regarding blockchain-based businesses, though a new hub was eventually put in place earlier this month.
It seems the SEC is taking more steps to build a healthy relationship with the blockchain world as the SEC Commissioner Elad Roisman met with a number of representatives of blockchain-based businesses. This included representatives of Van Eck, SolidX, and the CBOE to discuss the proposed Bitcoin ETF.
A previous meeting was held with the SEC by representatives of these firms but the meeting was held with SEC staff form the Office of Market Supervision and Division of Trading and Markets and not publicly with a commissioner.
What Happened During the Meeting?
According to @CryptoQF, one of the highlights of the meeting was the emphasis on the fact that the Bitcoin ETF should get approval. There had previously been speculation about the ETF being approved this year but that has not happened so far.
According to @CryptoQF, some of the points raised during the meeting are as follows:
There now exists a significant regulated derivatives market for bitcoin.
- Relevant markets – Cboe, bitcoin futures, OTC desks – are regulated.
- Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs.
- Cboe’s rules are designed to surveil for potential manipulation of Trust shares.
- Promotes investor protection.
Warming up to crypto
One positive note for the blockchain community is that Commissioner Roisman seems to be very welcoming towards the blockchain industry.
The public meeting with an SEC commissioner is a good sign. Earlier, when the ETF was put to a vote, only one SEC commissioner, Hester Pierce voted yes.
These small votes of confidence could go a long way to getting the ETF approved in the near future.
CBOE, on their part, seem optimistic about approval coming in soon. In an interview with the Abacus Journal, a source at CBOE said “The VanEck ETF is perfectly approvable if you have been reading the tea leaves in the rejection language at the SEC connected to previous submissions. It checks every box, as I’ve said before, and I’d be shocked, SHOCKED, if it didn’t win approval.”