SEC delays its review of VanEck's Bitcoin ETF to November
VanEck, who had applied for a Bitcoin ETF to the U.S. Securities and Exchange Commission in December, has still not received a review on it until now. A Bitcoin ETF doesn’t exist in the U.S. yet.
VanEck, founded in 1955 and headquartered in New York City, has been empowering investors with intelligently designed mutual fund and ETF solutions.
The SEC’s Wednesday notice read, “The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days.”
The New York-based asset management firm had submitted an application for Bitcoin ETF in December 2020. Since then, it has been awaiting a yes or no from the SEC. However, the regulatory board said in a notice on Wednesday that it would now give an answer on if the EFT has been approved or not on November 4.
In March, VanEck had made an amendment to the application, and since then, the SEC has delayed its answer.
A Bitcoin ETF allows investors to buy shares representing the most prominent cryptocurrency by market cap as an investment tool. EFTs such as gold, real estate or foreign currency are also popular in the US. Even then, the SEC has repeatedly declined Bitcoin and cryptocurrency ETFs. The regulatory mentions its concern over the price manipulation in the crypto space as its reason.
VanEck is among those 13 companies that are awaiting approval from the SEC. The major players include Valkyrie Investments, One River Asset Management, SkyBridge Capital, and Ark Invest.
CBW - External Analyst