The SEC Postpones VanEck’s Application for a Third Time

VanEck’s application is put on hold for a third time by the Securities and Exchange Commission (SEC), which also pushes out its decision regarding a Bitcoin (BTC) sp5r5 b b bot exchange-traded fund (ETF).

The company has been trying for a very long time to get approval for what would be the first Bitcoin exchange-traded fund (ETF) in the United States. The company submitted its initial application to the SEC in 2017, but it was ultimately denied.

In November 2021, the SEC rejected VanEck’s second application, citing the company’s failure to meet the standards to safeguard investors and avoid fraudulent and manipulative acts and practices.

VanEck persisted in submitting a third application to the SEC for a BTC ETF launch in June 2022, highlighting various reasons why the SEC should rethink its past judgments; nonetheless, the SEC has once again delayed VanEck’s proposal.

The most important point that VanEck was trying to make was that American funds were obtaining exposure to Bitcoin through BTC spot exchange-traded securities that were offered in Canada. A spot Bitcoin exchange-traded fund was given the green light by the United States of America’s neighbor to the north in February 2021, making it one of the first nations in the world to do so.

The SEC was had to delay its decision because the time for the clearance of the most recent file was set to expire on August 27. As a result, the regulatory body had to delay its decision by nearly two months.

The Securities and Exchange Commission (SEC) has given itself until October 11 to make a decision, and it has indicated that it has not received any submissions on the proposed rule change since it began asking for public opinion in July 2022:Since 2017, there has been a trend in the United States towards the establishment of a spot Bitcoin exchange-traded fund (ETF), which would, in essence, give institutional investors the opportunity to purchase shares representing Bitcoin that would be held by VanEck. This is an opportunity for investors to obtain exposure to Bitcoin without having to physically possess or store the cryptocurrency. The Bitcoin exchange-traded fund (ETF) that VanEck is developing will likely be listed on the Cboe BZX Exchange.