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SEC就“是否放行比特币ETF”向公众征求意见

目前,美国证券交易委员会(后文简称SEC)正在征求公众对两项拟议规则更变的评论。如果新规获批,首个以比特币为基础的交易所交易基金(ETF)将正式上市。

SEC分别在去年12月28日和今年1月2日发布了两份新的文件,征求公众对芝加哥期权交易所(CBOE)提出的上市比特币ETF的意见评论。

若这两份文件获得通过,其将允许CBOE交易所上线4例比特币ETF。

根据现行规定,公司管理基金的顾问在任何与之关联的代理商或交易商之间必须建立“防火墙”,这堵墙会阻止顾问和经纪人分享关于公司投资组合的信息。而其他规则则不允许任何基金管理者利用内幕信息来牟利。

在文件中,CBOE要求豁免这些规则,因为其并不认为比特币在现有规则下能够被操纵。

同样,由于比特币网络的性质以及广泛的全球基础设施,任何人都很难达成内幕交易共识。

然而,过去尝试推出的比特币ETF都遭到了失败,SEC拒绝了一些申请文件,或迫使其他公司撤回他们的申请。

迄今为止,SEC还没有批准任何基于比特币的ETF产品,不过鉴于目前市场上已经有了两种不同的比特币期货产品,美国证交会是否会继续拒绝这些申请就不得而知了。

据悉,SEC将在联邦登记处公示这些申请之后的三星期内,通过电子邮件和书面信息接收公众的评论。

The SEC is asking for public comment on two proposed rule changes that, if approved, would lead to the listing of the first-ever bitcoin-based exchange-traded funds.

Released by the SEC on Dec. 28 and Jan. 2 as a way to solicit public input on the proposals, the new documents make public proposed rule changes put forward by the Chicago Board Options Exchange (Cboe) that would exempt its proposed bitcoin ETFs from certain market manipulation rules. Submitted in two filings, on Dec. 15 and Dec. 19, the rule changes relate to advisors and brokers that would seek to support the products when launched.

The two documents would allow Cboe's exchange to list a total of four ETFs.

Under current regulations, advisors to a company managing funds must have a "firewall" between any brokers or dealers they might be affiliated with. This wall would prevent the advisor and the broker from sharing information about the company's portfolio. Other rules disallow anyone who manages a fund from using insider information to increase their funds' worth.

In the documents, Cboe asks for exceptions to the rules because it does not believe bitcoin can qualify as a commodity at risk of being manipulated under the same rules as some existing ones are, noting that price manipulation would require a bad actor to influence the entire blockchain worldwide.

Similarly, due to the nature of the bitcoin network, and its broad, global infrastructure, it would be difficult for any person to have insider trading knowledge on it, the filing claims.

It reads:

"There is [no] inside information about revenue, earnings, corporate activities or sources of supply; manipulation of the price on any single venue would require manipulation of the global bitcoin price in order to be effective; a substantial over-the-counter market provides liquidity and shock-absorbing capacity; bitcoin's 24/7/365 nature provides constant arbitrage opportunities across all trading venues; and it is unlikely that any one actor could obtain a dominant market share."

That said, it still remains to be seen whether the current procedure will clear the way for Cboe to list any bitcoin related ETF products. As reported previously, past attempts at launching a bitcoin-based ETF have met with failure, with the SEC rejecting some filings or forcing other companies to withdraw their filings.

To date, the regulatory body has not approved any bitcoin-based ETFs, though whether the SEC will continue to reject the filings is unclear given that now two different futures products are on the market.

As part of the public comment, the SEC will accept both email and written messages for three weeks after the filings are published in the Federal Register.


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