SEC Moves to Make Decision on VanEck-SolidX Bitcoin ETF Proposal

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SEC Moves to Make Decision on VanEck-SolidX Bitcoin ETF Proposal

NEWS
Nikhilesh De
Sep 20, 2018 at 20:43 UTC | Updated Sep 20, 2018 at 20:54 UTC

The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has begun proceedings to decide whether to approve a proposed bitcoin exchange-traded fund (ETF).

The SEC published an "order instituting proceedings to determine whether to approve or disapprove a proposed rule change" filed by Cboe BZX Exchange, Inc. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.

As part of that process, the SEC wants more input from the public – to date, according to the agency, more than 1,400 comments have been submitted.

SEC secretary Brent Fields wrote in the order:

"Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change."

Under the terms of the proposal, VanEck and SolidX would create a bitcoin trust, in which SolidX would list shares. The SEC has already delayed making a decision on the matter once, and can potentially delay making a final decision through February under existing regulations.

Last month, the SEC made waves after it moved to reject nine proposed bitcoin ETF proposals – only to reverse course soon after and launch a review of those decisions. It remains to be seen when that separate process will be completed.

SEC image via Shutterstock

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High Times Quietly Removes Crypto Payment Option From IPO Website

NEWS
Nikhilesh De
Sep 18, 2018 at 16:00 UTC

Cannabis advocacy publication High Times is no longer accepting cryptocurrencies as a payment option for its ongoing initial public offering (IPO), CoinDesk has learned.

The twist marks the latest in the company's efforts to raise $50 million from accredited investors, which it announced last month.

At the time, High Times said in a press release that it would accept bitcoin as a payment method for the fundraise. However, just days later the company reversed its stance in a filing to the U.S. Securities and Exchange Commission (SEC), saying that the press release announcing that bitcoin would be accepted "was distributed in error."

Despite this filing, the company continued to accept bitcoin and ethereum as payment options, a spokesperson later told CoinDesk, though the company did not hold any cryptocurrencies. Rather, a third-party processor converted the cryptocurrencies into U.S. dollars, which were then sent to High Times.

"They issued the release to make the SEC happy," the spokesperson said at the time.

Now, the bitcoin payment option has been removed entirely from the company's investors page.

It is unclear what caused the latest reversal. However, another SEC filing shows that the IPO – which was originally set to end on September 12 – has been extended through to October 31.

High Times had not responded to a request for further comment at press time.

Marijuana farm image via Shutterstock

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