VanEck/SolidX Bitcoin ETF receives mostly negative comments from the public

Six out of seven comments submitted to the U.S. Securities and Exchange Commission regarding VanEck/SolidX Bitcoin exchange-traded fund rulemaking have been negative. Most urged the SEC to decline the ETF. The comments were filed between Feb. 13 and March 12. Most of the respondents voice similar concerns—they refer to bitcoin’s volatility and say the cryptocurrency can be manipulated.

Sam Ahn, one of the respondents, claims bitcoin does not have “any intrinsic value.” According to Ahn, “In general, the intrinsic value of something tangible is recognized for its the market prices. If the SEC has approved currency-based ETF's by utilizing this logic, it is not easy for the SEC to deny the same logic from utilized for bitcoin-based ETF’s. Everything has its beginning and its end. It is a time for the SEC to start developing the concept of intrinsic value, for this decision and future decisions.” Respondent D. Barnwell voiced similar concerns, opting for a watch-and-wait approach to assess whether bitcoin should become a financial product.

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