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Free Bitcoin 2020 Earn Free Bitcoin Daily in Internet 2020 Learn different ways to earn Bitcoins by completing simple tasks, Captcha’s and sell your Bitcoins for real money. Free Bitcoin 2020 What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets. Bitcoins in its pure essence is money. It is digital curren

Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration

Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration

After successfully launched a bitcoin exchange-traded product in Europe, Vaneck has now filed a new proposal for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Under former chairman Jay Clayton, the SEC never approved a bitcoin ETF. However, Clayton has resigned from his post and changes may be coming from the incoming Biden administration.

First Bitcoin ETF Filing After Clayton’s Departure

New York-based investment management firm Vaneck filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on Dec. 30 to list and trade the Vaneck Bitcoin Trust. According to the filing, the sale of the fund’s shares will commence “As soon as practicable after the effective date of this registration statement.”

“The Vaneck Bitcoin Trust (the ‘Trust’) is an exchange-traded fund that issues common shares of beneficial interest (the ‘Shares’) that trade on the Cboe BZX Exchange Inc.,” the filing describes. “The Trust’s investment objective is to reflect the performance of the Mvis Cryptocompare Bitcoin Benchmark Rate less the expenses of the Trust’s operations.”

The filing adds that to achieve its investment objective:

The Trust will hold bitcoin and will value its shares daily based on the reported Mvis Cryptocompare Bitcoin Benchmark Rate.

This rate is calculated based on exchanges that the MV Index Solutions GmbH (Mvis) believes represent the top five bitcoin exchanges based on the Cryptocompare Exchange Benchmark review report. Vaneck Digital Assets is the sponsor of the Trust and Delaware Trust Company is the trustee.

“Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling bitcoin directly, although the Trustee may direct the Bitcoin Custodian to sell bitcoin to pay certain expenses,” the filing continues. “Instead, when the Trust sells or redeems its Shares, it will do so in ‘in-kind’ transactions in blocks … at the Trust’s net asset value.”

Vaneck Director of Digital Assets Strategy Gabor Gurbacs tweeted:

Bringing to market a physical bitcoin ETF in the U.S. is a top priority for Vaneck. We are committed to support bitcoin-focused innovation & continue to work with regulators & market participants to achieve that goal.

In November, Vaneck launched a bitcoin exchange-traded note (ETN) in Europe. “The ETN is physically-backed by bitcoin and listed on Deutsche Böerse Xetra,” Gurbacs explained.

The new bitcoin ETF filing came a week after former SEC chairman Jay Clayton resigned from his post on Dec. 23. Under his leadership, the SEC never approved a bitcoin ETF. President Donald Trump has named Commissioner Elad L. Roisman as the acting chairman of the SEC. Meanwhile, Acting Comptroller of the Currency Brian Brooks has warned that changes may be coming from the Biden administration. They may include some measures put in place by the Office of the Comptroller of the Currency (OCC).

Do you think the SEC will soon approve a bitcoin ETF now that Clayton is no longer the chairman? Let us know in the comments section below.

The post Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration appeared first on Bitcoin News.

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