The waiting game goes on for those interested in the first Bitcoin ETF in the USA.
SEC Delays ETF Further
A Security and Exchange Commission filing delayed their ruling on the VanEck Bitcoin Exchange Traded Fund (EFT) by atleast another 45 days. On Wednesday, June 16, the decision left VanEck, an asset management firm, once again in limbo. This is the second time it has extended the review period on the VanEck bid.
VanEck originally submitted its proposal in December along with Cboe Global Markets Inc. The hope was that new SEC Chair Gary Gensler would be more open to the deal. Gensler, approved to Chair the Commission in April by the Senate, is seen as a crypto expert. So far, no rapprochement has been reached. The SEC continues to play hardball with crypto.
The SEC questions whether Bitcoin is transparent enough to avoid market manipulation. Assistant Secretary of the SEC, J. Matthew DeLesDernier, wrote that the regulator will “designate a longer period within which to take action on the proposed rule change.” Bitcoin is still seen as a gamble or speculation in the eyes of many.
VanEcks Outlook
The ETF Store president, Nathan Geraci, was recently quoted in CoinDesk explaining how the Commission is “worried they don’t have proper surveillance over crypto exchanges.”
The SEC fears it will not be able to adequately ensure assets and funds if they are connected to Bitcoin.
The Commission has also requested public comment regarding the VanEck application. This means anyone can submit comments on the proposed rules changes surrounding the Bitcoin funds. In the meantime, the SEC has seen a flurry of more proposals. However, they continue to punt on their decision. The regulator has also recently issued public statements highlighting the risks in crypto.
A crypto-related ETF would go a long way in helping bring the asset to the mainstream. It could prove well to be a quietly huge decision in DeFi and crypto. Unfortunately, the outcome is likely to be denied. So far, the SEC has rejected all Bitcoin ETF requests. Investors in the United States are still waiting for the first Bitcoin ETF.
Source : bsc.news
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