Chris Concannon, head of the CBOE (Chicago Options Exchange) is confident that the positive decision on the bid for the launch of Bitcoin-ETF from VanEck and SolidX is exceptionally time-consuming and almost a settled issue. However, some of the nuances still remain unresolved.
Thus, Konkannon stressed that futures in themselves are an element of a healthy developed market, and ETF on futures have not yet been properly tested, so there are doubts about the liquidity of this type of assets.
Also, the volume of trade in bitcoin futures is incomparable today with oil and gold, so many SEC representatives have expressed doubts about this. So historically it happened that the Commission is unfavorable to ETF without adequate liquidity, however, on the other hand, how else can the liquidity be provided, if not through ETF?
Recall earlier it became known that the US Securities Commission (SEC) extended consideration of this issue until September 30. Also this month, a similar application was rejected from the Winklevoss brothers, however, we have already figured out that this fact is not critical for the crypto industry and can not affect the courses of the cryptocurrency.
In VanEck’s application and SolidX for CBOE, it is emphasized that operations with bitcoin will be carried out only in the interests of investors and mandatory insurance of invested funds.