18 SEC staff attend Bitcoin ETF meeting

SEC Bitcoin

EIGHTEEN staff from the United States’ Securities and Exchange Commission (SEC) have heard the latest pitch for a Bitcoin Exchange-Traded Fund (ETF).

The staff from three different SEC departments heard from embers of VanEck, SolidX and the Cboe BZX Exchange about why the Bitcoin market is ready for ETF approval.

At the meeting on November 26, 2018, SolidX Management submitted a presentation, which outlined how the Bitcoin market is very similar to markets for other assets which already have such products.

The presentation, which is available to view in a memorandum published on the SEC website, made the argument that “Bitcoin … is no more susceptible to manipulation than other commodities, especially as compared to other approved ETP reference assets.”

Many have claimed a Bitcoin ETF is inevitable, despite recent rejections by the commission.

On August 22, 2018, the SEC announced it would not approve proposals for the Exchange Traded Funds from ProShares, Direxion and GraniteShares.

One SEC Commissioner, Hester Peirce, took exception to that decision, and later revealed it would be reviewed.

SEC Bitcoin
SEC Commissioner Hester Peirce

The latest push by Van Eck is at the very least being taken seriously, with the SEC sending a large contingent to the November 28 meeting. Below is a full list of those who attended:

Division of Trading and Markets (SEC) 

  • Brett Redfearn
  • Elizabeth Baird
  • Christian Sabella
  • Andrea Orr
  • Roni Bergoffen
  • Ajay Sutaria
  • David Shillman
  • John Roeser
  • Michael Coe
  • Edward Cho
  • Lauren Yates
  • Alexander Zozos

Office of General Counsel (SEC)

  • William Hinman
  • Valerie Szczepanik (by phone)
  • Amy Starr (by phone)
  • Charles Garrison from the Division of Corporation Finance

Division of Economic and Risk Analysis (SEC)

  • Igor Kozhanov

SolidX Management 

  • Daniel Gallancy
  • Dimitri Nemirovsky

Van Eck Securities Corporation

  • Adam Phillips

Cboe BZX Exchange

  • Kyle Murray (by phone)
  • Laura Morrison

Patomak Global Partners 

  • Ben Brown
  • Craig Lewis

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