THE BLOCKCHAIN IN THE IoT REPORT: How distributed ledgers enhance the IoT through better visibility and create trust
Efforts to launch a Bitcoin-related exchange-traded fund (ETF) in the US are evidently not waning: In March, the Winklevoss brothersand cryptocurrency fintech SolidX both submitted filings to the Securities and Exchange Commission (SEC), only to be shot down. Now, incumbent fund manager VanEck has followed suit, submitting a prospectus to the SEC.
The proposed actively managed ETF wouldn't invest directly in Bitcoin, instead it would allow investors to buy stakes in derivatives based on the cryptocurrency. As such, investors would be able to bet on Bitcoin's price gains or losses without buying the asset itself. The ETF would also invest in more conventional assets like US Treasury bonds and cash, presumably to diversify risk. The goal would be to list the ETF on the Nasdaq exchange, according to the filing.
Although the SEC's track record bodes ill for VanEck, there is some hope. To date, the SEC has rejected Bitcoin ETF proposals on the grounds that their governance structure and investor protection mechanisms weren't robust enough, rather than due to the regulator's opposition to Bitcoin itself.
As such, it's possible that if and when the regulator is given a proposal that seems legally sound, the SEC would work to bring the product to market. This is further suggested by the fact that the SEC has agreed to review its ruling on the Winklevoss brothers' proposal. Given that VanEck is an established incumbent with 70 years of markets experience, and likely an extensive compliance team, its attempt may stand a higher chance than its predecessors' of gaining regulatory approval.
- Outlines banks' experiments with blockchain technology.
- Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews.
- Discusses the likely trends that will emerge in the technology over the next several years.
- Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.
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