SEC Postpones VanEck Bitcoin ETF Decision Again

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The United States Securities and Exchange Commission (SEC) continued to drag its feet to approve a bitcoin exchange-traded fund (ETF).

– to be[IN]cryptography

The SEC filed a notice on September 8 stating that it has now designated November 14 as the date it will approve or disapprove a proposed rule change that will allow the listing and trading of shares of the VanEck Bitcoin Trust.

There was very little explanation given for this latest round of procrastination other than jargon on the issues raised in the comment letters;

The Commission considers it appropriate to designate a longer period of time to issue an order approving or disapproving the proposed rule change so that there is sufficient time to consider the proposed rule change and the issues raised in the comment letters. which were submitted in connection with it,

Crypto ETFs on the back burner

The Chicago Board Options Exchange (CBOE) BZX Exchange proposed the rule change to allow Bitcoin ETF stock to be listed on March 1, 2021. The SEC waited until April 28 before announcing its first postponement and then referred to the Securities Exchange Act of 1934 so he could have 180 days to make a decision.

This was due to expire on September 15, so the financial regulator requested an additional 60 days to delay the decision.

The blockade has been going on for two years since the CBOE first teamed up with VanEck and SolidX to push for a proposal to change the SEC’s rules. VanEck and SolidX requested a limited BTC fund in September 2019 that would only be available to a very small group of established financial companies.

The original Bitcoin ETF filing by the two companies dates even further back to June 2018. It was withdrawn the following year after more SEC lockdowns in favor of the limited fund.

VanEck tried again in December 2020 with another Bitcoin Trust app that the SEC has permanently put on hold. In August 2021, VanEck filed for listing in the Ethereum Futures Fund, but withdrew the deposit a few days later.

A long wait

In light of recent threats of legal action by regulators against Coinbase, it is unlikely that a crypto ETF product will be approved this year or under the current anti-crypto administration.

In early August, SEC Chairman Gary Gensler said he was planning more ETF crypto deposits before adding:

I look forward to the staff review of these deposits, especially if they are limited to those Bitcoin futures contracts traded by CME.

Considering the last repeated postponement, this statement only seems like hype.

This story was first seen on BeInCrypto

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