Bitcoin ETF News: The U.S. Securities and Exchange Commission has delayed its decision to approve the VanEck exchange-traded fund and extended the deadline to July.
The SEC has delayed its decision on the VanEck Bitcoin Trust for the second time since April, after the regulator said it needed more time to consider the proposal.
How long can the SEC delay its decision on the Bitcoin ETF?
Dave Nadig, ETF Flows research director and CIO, said the rejection was highly predictable. “The most important thing to remember is that there really isn’t any deadline, as the SEC can always delay it,” Nadig said. said.
VanEck seeks approval to be listed and own tradable shares on Cboe Global Markets Inc. If approved, it will be the first open Bitcoin ETF in the US.
The SEC now requests that “individuals submit their views, data and arguments in writing” in addition to “other concerns about the proposal.”
One of the big questions the government agency asked was whether the proposed ETF was designed to prevent fraudulent and manipulative acts and practices.
“The SEC continues to raise concerns about the potential for fraud and manipulation in the Bitcoin spot market. The ETF Store, Inc. Nathan Geraci, chairman of Blockworks, said in an interview with Blockworks that “until we are comfortable that appropriate investor protections are in place, there will not be a US-listed Bitcoin ETF” for the SEC.
The first Bitcoin ETF application was filed (and rejected) eight years ago. There were at least 12 applications submitted to the SEC. More recent companies like Valkyrie and Wisdom Tree have also sought approval. Currently, eight ETF filings are currently pending SEC decision, in addition to other crypto-based filings.
Earlier this year, the Ontario Securities Commission (OSC) approved Canada’s second Bitcoin ETF. While some BTC market players don’t think the SEC will approve the proposal, other BTC enthusiasts believe developments in Canada could spur the US and potentially point to a promising future for ETF approvals.