Same player, try again. The approval procedure for spot Bitcoin ETFs has gone from the status of a historic event to that of a new regulatory farce. A countdown reset with each filing of an amended version of the previous filing, refused by the United States Securities and Exchange Commission (SEC). And obviously, even the threat of legal proceedings against this regulatory body does not seem to change the obstruction strategy put in place. And now it’s the turn of VanEck asset manager to review your copy in this file.
Spot Bitcoin ETFs Enter Rewrite Phase
Will spot Bitcoin ETFs be approved before the end of this year 2023? The question remains unresolved as the Securities and Exchange Commission once again imposes its anti-crypto gaming strategy on the field.
However, his boss Gary Gensler said ten days ago that the regulatory body is working hard on this issue. But, ultimately, is this really good news?
Because during this time, requests are piling up for companies wishing to participate in the opening of this market. A procedure now passed at the modification stage intended to take into account the comments of the SEC.
However, the Commissioner of this regulatory body, Hester Peirce affirms it, this case should have already “been accepted 5 years ago” !
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VanEck erases and starts again
It is therefore half a decade late that the VanEck asset manager is forced to review the terms of its Bitcoin Trust. And at the same time he makes his official entry into the queue of modification submissions for spot Bitcoin ETF issuers.
According to this file modified by VanEck, the seeding of the fund intended for this ETF will be directly operated with Bitcoin. A specificity different from other proposals currently registered in this race for approval, with a seed made in cash.
Asset manager VanEcK therefore joins its competitors ARK Invest and 21Shares in the camp of the revised spot Bitcoin ETF files. That is to say that the ball is now – and once again – in the court of the US regulator. And according to Bloomberg ETF specialist Eric Balchunas, this would still be a sign of “solid progress”. A case to follow…
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