RATE Group | VanEck Responds to SEC’s Bitcoin ETF Concerns In New Letter
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VanEck Responds to SEC’s Bitcoin ETF Concerns In New Letter

30 Jul VanEck Responds to SEC’s Bitcoin ETF Concerns In New Letter

Posted at 02:27h in Bitcoin News by

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bitcoin etf

Money management firm VanEck has responded to the SEC’s concerns over bitcoin exchange-traded funds (bitcoin ETF) in a letter to the regulator made public on the agency’s website.

Addressed to Dalia Blass, director of the SEC’s division of investment management, the letter tackles the five points of order from the SEC’s previous communication with the industry, namely: valuation, liquidity, custody, arbitrage, and potential manipulation.

Valuation

On this issue, the company states that it does not see valuation as a “novel issue” for a futures-based bitcoin ETF because it is already common practice to use futures to build an investment profile in an asset.

The valuation of such contracts VanEck says, is a well-established practice, with more than 100 exchange traded products currently listed on U.S. exchanges basing their value on futures contracts. In the company’s opinion, prices from CBOE and CME are enough to adequately determine an ETF’s net asset value…

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