The U.S. Securities and Exchange Commission now has 45 days to make an initial decision on the VanEck Bitcoin Exchange Fund’s (BTC) application, as it filed the company’s application on the 15th. Mars officially posted on their website.
The Securities and Exchange Commission now has 45 days to approve, disapprove or extend the filing deadline for a bitcoin ETF. The SEC can extend the discussion phase to 249 days before making a final decision. There is also a three-week public comment period on the SEC’s website.
As Cointelegraph previously reported, the Chicago Board Options Exchange, or CBOE, applied to list the VanEck Bitcoin ETF in January. Vanek was one of the BTC ETF hopefuls in 2017, as several companies sought SEC approval for the bitcoin ETF.
At the time, the asset management firm partnered with SolidX to create a joint bitcoin ETF. However, the VanEck/SolidX BTC ETF was withdrawn before the SEC acted on this request.
In January, SolidX sued VanEck for plagiarism on its bitcoin ETF. According to the details of the lawsuit, SolidX claims that VanEck acted in bad faith by filing a bitcoin ETF based on her work.
With the change in leadership at the commission following Jay Clayton’s departure in December 2020, U.S. firms are again trying to get ETFs on bitcoin. In Clayton’s notice, the Securities and Exchange Commission rejected nine bitcoin ETFs.
The unregulated nature of the bitcoin cash market is a popular refrain associated with every failure. Meanwhile, the Securities and Exchange Commission has regularly pointed out this problem and stated that price manipulation is not difficult, which is why the approval of a BTC ETF has not come up.
In early March, New York-based asset manager WisdonTree filed a bitcoin ETF with the U.S. Securities and Exchange Commission. Meanwhile, some market commentators say Canada’s approval of the BTC ETF may cause the commission to reconsider its earlier blockade.
Canadian securities regulators approved two bitcoin ETFs in February, creating the first such investment product in North America. After the initial success of these ETFs, some companies are now looking to expand their catalog by launching ETFs on Ether (ETH).
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