[Newsflash] VanEck Believes Its Bitcoin ETF Proposal Could See SEC Approval “We Are VERY Close”

VanEck Believes that its Bitcoin ETF Proposal Could be Approved by the SEC

The cryptocurrency market is very excited about the future of the cryptocurrency space with the launching of the first Bitcoin exchange-traded fund. The U.S. Securities and Exchange Commission (SEC) could approve at the beginning of the next year, the first Bitcoin ETF presented by VanEck.

During CNBC’s Crypto Trader show, Gabor Gurbacs, Director of Digital Assets Strategy at ETF manager VanEck, talked with Ran Neu-Ner about the future of the crypto space.

According to Gurbacs, America wants a Bitcoin ETF and the company is waiting for an approval from the SEC to take place between December 29 this year and 27 February 2019. Gurbacs says that on December 29 this year, the SEC could say that it is necessary to take a longer time to approve this Bitcoin ETF. However, in February 2019, the SEC could take a final decision and approve the first Bitcoin ETF.

VanEck has a very important history working with financial assets and ETFs. This is one of the reasons why the company is very confident about the work they have done. They’ve implemented years of experience in order to create this Bitcoin ETF proposal.

The ETF that VanEck presented is a physical Bitcoin ETF that is fully insured. If there is a problem such as an attack, hack or losses, the insurance covers it. At the same time, the pricing that the company uses for Bitcoin comes from the indexing subsidiary MVIS, that provides financial standard regulated indices.

Additionally, the minimum purchase that an institution can do is 25 Bitcoins, meaning that it is a product specifically designed for institutions or wealthy investors.

Gurbacs said that VanEck has more than 60 years of relationship with the regulators, speaking very often to them. He mentioned that the SEC is very open to discussing improvements and proposals with market participants.

The Director of Digital Assets Strategy at VanEck said that Coinbase, one of the largest and most recognized cryptocurrency companies in the market operates in a grey area. Although regulatory agencies know about that, they do not want to ‘squash’ innovation. However, they are worried about the effect that the industry could have on the capital markets.

“I think the ETF solved this question of not squashing any innovation and at the same time bring some level of regulation to the digital asset space,” he commented.

If that happens, then the market could receive an important support from financial institutions starting to place their funds in the cryptocurrency market. With the Bakkt platform and the SEC approving a Bitcoin ETF, the coming months could be very positive for Bitcoin and virtual currencies.

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