Gabor Gurbacs: “VanEck is Trying Its Best to Bring Bitcoin (BTC) into the Mainstream Finance”
During his most recent appearance on CNBC's weekly ‘Crypto Trader’ segment, VanEck's Director of Digital Asset strategy ‘Gabor Gurbacs‘ was asked whether his firm had made any major changes to its Bitcoin ETF submission after the firm announced that it had re-filed its application a few days back.
In response, Gurbacs noted that his firm had indeed been some “major alterations” to its ETF proposal— primarily based on the feedback received from the SEC as well as other market participants.
“Some of those changes are related to basically analogous markets so like their gold and commodity markets and some of the shipping markets, freight shipping markets out there and and so we have presented some scenarios where the SEC approved an ETF which had […] less transparency to the market where pricing in those markets were not as built out as Bitcoin”,
Additionally, he also noted that some more changes had also been made to the aforementioned ETF proposal after taking into consideration things like “custody pricing and market manipulation” — so much so that nearly 30 new pages worth of material was added to the initial submission.
More On The Matter
During the course of the hour-long interview with CNBC, Gurbacs stated that the recent United States government shutdown gave VanEck enough time to reconsider their application carefully and thus make pertinent changes to their proposal.
On the matter, he then added:
“Yes, I believe this proposal is much stronger than sort of the previous one. We just formally incorporated the answers we spent over a year and a half two years educating the SEC and other regulators on this pricing custody and market manipulation concerns and the appropriate answers to that but now as formerly part of the proposal”
Gurbacs also made it clear that VanEck is determined to make the idea of a Bitcoin ETF “a living reality” within the coming 6-12 months (depending upon the needs and requirements of the US SEC).
Last but not least, the VanEck top-man was also quoted as saying that the only reason institutional investors had not entered this market was that they were not comfortable entering an arena that was still exposed to issues such as thefts, hacking scandals etc.
It now remains to be seen whether or not VanEck is able to deliver on its promises and bring the idea of a Bitcoin ETF to life in the coming few months.