February 6, 2023

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The Securities and Exchange Commission (SEC) of the United States has delayed its decision on the exclusive application of VanEck (a global investment company) for a spot exchange-traded fund (ETF) of Bitcoin. The firm has been attempting to have approval from the securities regulator for a long time for a product that is considered to be the initial Bitcoin ETF within the United States.

 VanEck’s 3rd Application for BTC Spot ETF Postponed by the SEC

The company’s initial application for the respective product was filed with the SEC in 2017 and consequently, the regulator refuted it. VanEck witnessed the denial of its 2nd application in this respect in November previous year by the SEC. At this time, it was told that the standards had not been met by it related to the protection of the investors along with the prevention of fraudulent as well as manipulative practices.

In the end, without retreating from its position, VanEck appeared with its 3rd application for a Bitcoin ETF and (in this year’s June) filed it with the U.S. regulator, pointing toward several explanations for why the decisions – previously taken by the SEC – should be reconsidered by it. The initial argument of VanEck was that the funds within the United States were having exposure to BTC via Bitcoin spot exchange-traded goods provided in Canada.

The northern neighbor of the U.S. provided a green signal to a spot BTC ETF in last year’s February, obtaining a place among the first nations across the globe to do so. The extended date for the authorization of the new filing of the investment organization was fixed to be terminated on 27th August, pushing the SEC to delay the decision thereof on the respective issue by nearly a couple of next months.

SEC Cites Lack of Comments regarding the Rule Changes to Be the Cause of Delay

Presently, the SEC has taken the time until 11th October to provide a decision and mentioned that no remarks were received by it over the suggested rule change following its call for an open consultation in recent July. The Securities Commission added that it is considered suitable by the agency to allocate some additional time to take some appropriate measures on the projected rule change.

As per the agency, it would then have considerable time to contemplate the projected rule change as well as the issues pointed out therein. After the approval of a spot ETF of Bitcoin, VanEck aims to have it listed on the Cboe BZX Exchange.

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