SEC Postpones Verdict on VanEck’s New Bitcoin ETF Application
By postponing the verdict, the SEQ You have until next October 11 to give a definitive answer to VanEck about your application for a Bitcoin ETFs. However, given the track record on the part of the regulator, everything indicates that they are prolonging an inevitable rejection.
- SEQ will respond to the request VanEck no later than October 11
- Yet the SEQ last year rejected a request for Bitcoin ETFs of VanEck
- To date, the regulator has not accepted any request for a Bitcoin ETFs
The US Securities and Exchange Commission (SEC)the main regulator in matters of listed assets on the stock markets, postponed until October the official verdict for the request for a Bitcoin ETFs Presented by VanEck.
VanEck Waiting for an answer
According to information published by the SEC, The body will have a maximum of until October 11 to approve, reject or indicate changes to the proposal presented by VanEck, highlighting that on this occasion the consulting company did not present any modification with respect to the request for a fund traded on the stock exchange based on Bitcoin.
As such, the proposal VanEck for the creation of a ETFs based on Bitcoin It was presented on June 24 of this month, and a response should be received no later than August 27. This fund would be marketed through CBOE BZX Exchange and would be available to all duly accredited investors.
Although the SEQ did not deny the request VanEck for a bitcoin etfs, For many analysts and enthusiasts, this is not a good forecast for the company, since at the end of last year the regulator rejected the presentation introduced by the company, citing concerns about the volatility in the price of the digital currency and risks of market manipulation.
As well as VanEck, the SEQ has rejected requests for WisdomTree, ARK Invest, Galaxy Digital and many others, the most notable being greyscale, which he aspired to convert his Bitcoin Trust (GBTC) in a Bitcoin ETFs. The latter filed legal actions against the regulator, considering that the refusal is due to the organization’s particular interests.
In the case of VanEck, the CEO of the firm, Jan Van Eck, pointed out in an interview conducted by Anthony Pompliano that, in his opinion, the SEQ is waiting for much clearer rules at the regulatory level to be able to approve a ETFs of this type and hinted:
“I believe the SEC is holding a Bitcoin ETF hostage waiting to gain jurisdiction over associated markets, which it does not have at this time. I think that the whole regulatory dialogue is not healthy at all now, as there is a push and pull, a pro and a con, but when you get to [Washington] DC, is a congressman who is sharing your point of view.”
Let us bear in mind that although the SEQ has not approved an ETF based on Bitcoin, if he gave the green light for those associated with futures of bitcoin, which began to approve from October 2021, of which already VanEck has yours operating through CBOE.
Article by Angel Di Matteo / DailyBitcoin
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