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Recent U.S. Cryptocurrency ETF Proposals and Decisions

Recent U.S. Cryptocurrency ETF Proposals and Decisions

Regulation

The U.S. Securities and Exchange Commission has not yet approved a cryptocurrency related ETF. The group highlights issues with security, market manipulation and investor protection issues, but at least one member of the SEC is outspoken in support of these investment products.

U.S. Cryptocurrency ETF Decisions

Rejected – Bitcoin Trust

The SEC rejected the second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini. The proposal was made in June, based on the first ever Bitcoin ETF created through the Cboe

“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money,” Cameron Winklevoss, co-founder and President of Gemini said regarding the matter.

The first attempt at a Bitcoin related ETF was rejected in March of 2017. The twins still claim the Gemini exchange is “uniquely resistant to manipulation,” but not enough for the SEC.

Postponed – Bull Shares Decision

The SEC deferred the decision on five cryptocurrency ETFs until September. All five of the noted proposals were filed by Boston-based ETF provider Direxion Investments on January 4th, 2018: Bear 1X Shares, Daily Bitcoin 1.25X Bull Shares, Daily Bitcoin 1.5X Bull Shares, Daily Bitcoin 2X Bull Shares, and Daily Bitcoin 2X Bear Shares. 

U.S. law designates 180 days to provide a decision, and the group may delay that date by not more than 60 days from the original. The regulators have chosen the full 60 days for a decision by September 21, 2018.

U.S. Cryptocurrency ETF Proposals

In Review – VanEck SolidX Bitcoin Trust

A joint application from VanEck and SolidX for a Bitcoin ETF was published on July 2. The Shares of the Trust are expected to be listed for trading, subject to notice of issuance, on the Cboe BZX Exchange as well.

Recently Submitted – First Crypto Index Fund HOLD 10

Bitwise Investments launched the world’s first cryptocurrency index fund in October 2017 based on an index of coins. The Bitwise index fund “HOLD 10” is a mix of BTC, ETH, XRP, BCH, LTC, DASH, NEO, ZEC, XMR and ETC, weighted by a 5-year-diluted market cap.

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