Investment management firm VanEck has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund. VanEck is clearly hoping that the departure of SEC chairman Jay Clayton will give its latest ETF application a chance.
That means Roisman is unlikely to make any big, precedent-setting decisions, like approving a Bitcoin exchange traded fund (ETF). Clayton was a strong opponent of crypto ETFs, arguing that price manipulation and fraud remains rampant.
The Securities and Exchange Commission wants to make it easier to become a sophisticated investor. The term is, technically, “accredited investor,” and currently, it translates roughly to “rich.” Since the agency’s crackdown on ICOs, accredited investors have been a primary way to raise money in the cryptocurrency market. Under the Securities Act of 1933’s Regulation D, it is far easier to sell securities to individuals and businesses that meet this standard. The problem with “accredited investors” that the agency feels it needs to solve is summed up nicely in a Dec. 18 statement by the ever-quotable Commissioner Hester Peirce, also known as “Crypto Mom” for her industry advocacy. “Our current definition includes investors that…
