The Securities and Exchange Commission (SEC) has postponed its decision on a bitcoin ETF.
Bitcoin ETF
In itself, this is not news, as the US exchange watchdog has done this many times before. This time it was VanEck's application for a spot bitcoin exchange-traded fund.
The asset manager, which has already launched a number of bitcoin funds in Europe, has been told it will receive a response by 11 October. This is the new date by which the SEC must "approve or disapprove the proposed amendment."
https://twitter.com/thecryptoutlook/status/1563121080541540352
The previous deadline was August 27, but the SEC felt it did not have enough time to properly review the submission. Now they are coming up with an extension just before this "old" deadline. The SEC noted that it had not received any comments on VanEck's submission.
An ETF allows investors to have exposure to bitcoin without having to understand everything about private keys. The bitcoin is then bought by the fund manager from the spot market and held for the client for a commission.
From postponement... comes?
The asset manager submitted the request on 24 June. With the postponement rejection, there is still no bitcoin spot market ETF on the US market. Numerous attempts have been rejected, except for those for a futures-based ETF. ProShares and Valkyrie, among others, have already been allowed to market this type of bitcoin fund.
The SEC remains consistent in its reasoning: they are concerned about market manipulation and want to protect investors.
The pressure on the SEC is increasing. Grayscale even went to court after their filing was rejected on 29 June. The company wants to convert its Bitcoin Trust (GBTC) into an ETF. The decision on the filing of Ark and 21Shares was also postponed. They will receive a final decision by 30 August.
https://www.indexuniverse.eu/vaneck-must-be-patient-for-longer-to-decide-on-bitcoin-etf-spot-market/
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