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Van Eck, SolidX to offer bitcoin ETF to institutions this week: Report

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Tue, 03 Sep 2019, 12:17 pm UTC

While the United States Securities and Exchange Commission (SEC) has been postponing its decision on bitcoin exchange-traded funds (ETFs), two firms have reportedly found a workaround.

The Wall Street Journal reported that VanEck Securities and SolidX Management are going to launch a “limited version” of a crypto ETF on Thursday.

It can be recalled that the SEC recently deferred its decision on the bitcoin ETFs proposed by Bitwise Asset Management, VanEck/SolidX and Wilshire Phoenix. The regulator is expected to announce its decision later this month and in October.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC had said.

However, VanEck Securities and SolidX Management are now trying to get around the regulatory obstacles by employing the SEC’s Rule 144A. The rule will basically exempt the shares from securities registration, but with the condition that they can be sold only to certain institutional buyers and not retail investors.

Rule 144 allows public resale of restricted and control securities if a number of conditions are met,” the SEC explains.

Under this rule, privately placed securities can be traded only among qualified institutional buyers with shorter holding periods—six months or a year.

The SEC has been extremely cautious regarding its decision on bitcoin ETFs. Earlier this year, SEC Commissioner Robert Jackson expressed his optimism about a crypto ETF proposal that would ultimately meet the standards laid out by the SEC.

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