SEC Postpones Decision on VanEck’s Bitcoin ETF Implementation…Details Here
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Answer SEC Postpones Decision on VanEck’s Bitcoin ETF Implementation…Details Here
The US Securities and Exchange Commission (SEC) has postponed its decision on the implementation of VanEck’s spot Bitcoin ETF, according to an August 24 filing.
The US Securities and Exchange Commission extended the decision on the request for another 45 days.
Ostensibly, the SEC wants more time to decide where a spot Bitcoin ETF should be approved, but previous rulings do not indicate the likelihood of a positive outcome.
The agency has rejected several spot bitcoin ETF requests in the past, including last year’s bitcoin ETF application from VanEck.
VanEck submitted this new application for the Bitcoin ETF in July, about eight months after the application was rejected.
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The delay in the “VanEck Bitcoin Trust” will disappoint the company and market enthusiasts, who have been clamoring for approval.
Their argument that the Bitcoin ETF will add some legitimacy to the market and actually prevent some of the concerns that worry the SEC.
These concerns include market manipulation and a lack of investor protection, something that the SEC has repeatedly highlighted as barriers to approval of a Bitcoin spot ETF.
That didn’t stop VanEck, one of the oldest ETF providers, from trying to launch a Bitcoin ETF on multiple occasions.
The SEC said about VanEck’s latest filing:
The Panel considers it appropriate to establish a longer period for action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.
It is worth noting that the SEC had previously approved futures ETFs.
VanEck herself launched a bitcoin futures ETF in October 2021, and joined ProShares as one of the first to launch a bitcoin futures ETF.
The lack of approval of the Bitcoin spot ETF has led to some mishaps.
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Grayscale’s request to convert the Grayscale Bitcoin Trust into an ETF saw the Securities and Exchange Commission (SEC) rejected.
In response, the company quickly sued the authority, and the lawsuit is expected to be filed sometime between Q3 2023 and Q1 2024.
Bottom line, it may be some time before the cryptocurrency market sees the first spot Bitcoin ETF on the market.
Regulation may help make this a reality, but that too may take some time.
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