VanEck introduces draft ETF to the Securities and Exchange Commission (SEC)


The Investment Fund Quoted (ETF, for its acronym in English) back to the fore within the bitcoiner ecosystem, since the New York company Vaneck submitted a proposal to the Commission on Securities and Exchange (SEC , for its acronym in English) to Launch the first such business that works with cryptoactive.
VanEck Vectors Bitcoin Strategy ETF is the name of this initiative presented to the SEC and aims to achieve what the twins Winklevoss, Barry Silbert, among others, have tried to get approval from the Commission. If successful, the idea is to quote on Nasdaq. Remember that ETFs are investment funds listed on a stock exchange , just like a public company that quotes its shares, being able to buy and sell during a session at the price existing in the stock exchange.
A relevant detail of the VanEck ETF is that, according to the form presented to the SEC, the Fund will not invest directly in cryptones, as in the case of other projects of this nature that have been submitted to the Commission, It contemplated the figure of a subsidiary company , based in Cayman Islands, through which the investment will be handled in criptoactivos.
The Fund will invest in certain bitcoin instruments through a wholly-owned subsidiary, organized under the laws of the Cayman Islands (the "Subsidiary"). The Fund may also invest in pooled investment vehicles and exchange traded products that provide access to bitcoin through the Subsidiary.
Form 1-A
VAnEck Vectors ETF Trust, Securities and Exchange Commission (SEC)
In addition, this company will operate under the laws of the Islands, and the investment allocated by the Fund for its operations may not exceed 25% of the total asset value at the close of the Fund's fiscal year. Investment channels will be diversified and US Treasury bonds, money market funds and cash will be used, among others.
According to information provided to the SEC, the idea is that the firm may "use futures contracts, among other bitcoin instruments", although it is also understood that such financial instruments will be subject to applicable SEC regulations, Decisions of other authorities in the matter and the rules of the exchange platforms.

SOME BACKGROUND AND OTHER DECISIONS

The SEC's stance on this type of project invites caution, since so far, all projects have been rejected. The Commission requires ETFs to participate in significant markets and, in addition, that these markets are regulated.
Recall that in March of this year, the SEC rejected several ETF projects, always emphasizing the need for greater controls and regulations. The investment fund proposal introduced by the company SolidX in July 2016, and also the Winklevoss twins , who tried to trade the Winklevoss Bitcoin Trust through the Bats Exchange Bats Exchange, without success. The decision on the ETF of Barry Silbert , which would be made under the figure of his company Grayscale Investments, was postponed.
For its part, the United States Commodity Futures Trading Commission (CFTC) authorized LedgerX to offer trading and settlement services with criptomonedas. After a thorough review, the CFTC determined that the company complies with the rules applicable to this type of association, and published an official announcement, making LedgerX a pioneer within the ecosystem in obtaining this type of permits.
The VanEck Vectors Bitcoin Strategy ETF will go through an exhaustive review after the filing with the SEC and its features around the management of cryptoactives and other investment mechanisms can make the first Crypton Coins have their first US Investment Fund.

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