SEC sends back judgement on VanEck’s most recent bitcoin ETF application
The Securities and Exchange Commission has postponed a ruling on VanEck’s newest proposal to establish a spot bitcoin exchange-traded fund (ETF).
The ruling established the 11th of October as the deadline by which the SEC would “approve, disapprove, or initiate proceedings to decide whether to reject the proposed rule change.” The prior due date was August 27. In its ruling, the SEC stated that it had not received any public comments about VanEck’s proposal.
The most recent application submitted by VanEck was on June 24. Previously, VanEck requested SEC permission but was refused in November after a lengthy procedure. Numerous previous efforts to get SEC approval for a crypto ETF have failed. The SEC has regularly cited investor protection and market manipulation concerns in its denial decisions.
Grayscale, one of the companies attempting to develop a spot bitcoin ETF, was rejected on June 29. Subsequently, Grayscale filed a lawsuit in an attempt to contest the verdict.
Though the SEC has rejected all attempts to establish the first bitcoin ETF in the United States, it has cleared the way for the listing of other futures-linked ETFs.