In regards to its latest Bitcoin exchange-traded fund (ETF) application, VanEck is once again forced to wait for the U.S Securities and Exchange Commission (SEC) to make its final determination on the matter.
The Sory Continues
The last deadline for the regulator’s response to Van Eck’s latest spot Bitcoin ETF application was on August 27, and the previous deadline for the regulator’s decision was on June 24.
Upon approval, VanEck’s product will be offered on Cboe’s BZX exchange if the application is approved.
On August 24, VanEck filed another filing requesting an extension of 45 days for the SEC to decide whether to approve or disapprove the proposed rule change. The SEC had previously announced it would either approve or disapprove the proposal or initiate proceedings to inquire whether to disapprove it.
SEC believes that a longer period of time should be designated within which to take action on the proposed rule change in order for the Commission to be able to consider the proposed as well as the issues raised by it.
Furthermore, the agency reported that it had not received any comments on the new rule proposal since it called for feedback on July 13.
As a result of concerns concerning fraud and manipulation of the Bitcoin spot market, the Securities and Exchange Commission (SEC) rejected VanEck’s previous application in November 2021.
Investing in an ETF is a way for investors to invest in assets that are represented by shares, which act as representations of the underlying assets. With Bitcoin ETFs, investors would be able to gain exposure to Bitcoin without having to go through the hassle of purchasing a cryptocurrency from an exchange and storing it in a crypto wallet, so they could gain exposure to Bitcoin as a whole.
A Bitcoin-based ETF has yet to be launched, despite numerous attempts to launch one over the last few years – despite the fact that gold, real estate, and foreign currency ETFs are quite popular with American investors.
A spot-based Bitcoin ETF application has repeatedly been denied by the SEC over the last few years, despite Gary Gensler, the agency’s chair, having hinted that the Commission would be inclined to approve such an ETF if several Bitcoin futures ETF applications were submitted. Anyhow, it remains to be seen if VanEck can get the first Bitcoin spot ETF.
