SEC Becoming Hostage-Taker For BTC spot ETF: Jan van Eck

CEO of VanEck, an international investment management organization, Jan van Eck, thinks that the SEC is keeping spot Bitcoin ETF hostage.
As per Eck, associated bodies are coming up with distinct recommendations on putting more regulations on the cryptocurrency industry.
Noteworthily, numerous bodies have already applied for spot BTC ETFs with April 2022 responsible for the greatest deadline this year.

SEC Getting Custodial

CEO of international investment management organization, VanEck, Jan van Eck thinks that SEC is keeping spot BTC exchange-traded funds hostage over non-success to get approval of the product.

Talking while appearing on a podcast anchored by Anthony Pompliano, the asset manager pointed out that is likely eyeing for wider jurisdiction to get approval for the product. He said that officials might be waiting for directives from US legislators.

Eck observed that presently, SEC is restricted as cryptocurrency regulatory conversation in the United States isn’t healthy.

As per Eck, associated entities are coming up with various recommendations on regulations regarding cryptocurrency industry, an aspect that is likely to go off track the components like approval of spot Bitcoin ETF approval.

He said that he believes that the Securities and Exchange Commission is holding Bitcoin ETF as hostage until they receive jurisdiction over underpinned cryptocurrency markets, which aren’t available for them at present.

He added that he thinks the entire legislative dialogue isn’t very healthy currently where there is really a back and forth, a pro and con, but while talking about DC, it is a single Congressman doing their perspective.

He implied that it is likely that United States regulators might clutter cryptocurrency regulatory perspective by putting unnecessary obstacles.

This comes after US President Biden signed the executive order that set up authorities’ stand on virtual assets. This order concentrates on components like customer protection, monetary steadiness, illegitimate acts, United States competitiveness, monetary inclusion, and accountable innovation.

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More BTC ETF Applications

Noteworthily, various bodies have already applied for spot BTC ETFs with April 2022 responsible for the greatest deadlines this year with 3 products. Some of the well-liked applicants for Exchange Traded Fund involve Grayscale, Global X, and BlockFi.

As per a report, Eric Balchunas thinks that a spot BTC ETF may get approval soon if Securities and Exchange Commissions manages to tame ‘un-wild west’ cryptocurrency exchanges.

This is after SEC chair Gary Gensler said that officials must offer counsel regarding digital asset trading platforms. Therefore, Balchunas took notice of sentiments as Securities and Exchange Commissions’ initial clue to give approval to spot BTC ETF.

Noteworthily, the entire market is just looking for a probable approval of spot BTC ETF as it may affirmatively influence asset’s value.

Finally, it is uncertain when SEC will give this approval, but as soon as it comes, VanEck can provide another Bitcoin ETF, where folks can try their hands onto generated yield.

Disclaimer

All the details offered in this article are purely for informational purposes. The author does not want to inflict any investment interest among the readers. Readers are advised to DYOR before making investments in crypto.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing