SEC Postpones Decision on VanEck Bitcoin ETF to June 17
The US Securities and Exchange Commission (SEC) has delayed its decision on the VanEck Bitcoin ETF until June.
On March 1, 2021, Cboe BZX Exchange filed with the SEC to list and trade shares of the VanEck Bitcoin Trust. The SEC typically takes 45 days, or a longer period of 90 days, from the date an application is filed to render a decision whether it should be approved or disapproved.
Per standard, the 45-day window for the application ends on May 3, but the SEC is extending the deadline. The official notice reads,
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.”
As such, June 17 is designated as the date by which the Commission shall either approve or disapprove, but of course, even then, they can defer the decision, which is to be seen.
As we reported, the new SEC Chairman Gary Gensler, who has taught about crypto and blockchain at MIT, was confirmed less than a fortnight ago.
In the past, SEC disapproved every single Bitcoin ETF application on the grounds of extreme price volatility, manipulation, and fraud in the crypto market.
Meanwhile, several Bitcoin ETFs have been approved this year in other countries. Canada has even moved past Bitcoin and already has four Ether ETFs trading on the Toronto Stock Exchange. Purpose Bitcoin ETF, the most popular in North America so far, has amassed almost 18,685 BTC.