Editors News- VanEck refiled to the SEC for spot BTC ETF after eight months from the previous result.
- The new application’s deadline is marked march 2023.
VanEck has reapplied to the U.S Securities and Exchange Commission (SEC) for spot bitcoin Exchange-Traded Fund (ETF), after facing rejection on Nov 21. It is one of the first American asset managers to give investors access to global markets. VanEck also saw the transformative potential of investing in gold, emerging markets, and ETFs early on.
The reason stated by SEC for previous rejection is the firm’s capability to cloak the market manipulation and to safeguard the investor’s rights. But contradicting, they have granted permission for some other BTC future ETFs.
Updation in Application
The Wall Street giant VanEck is following a never giving up attitude. The refiled application has specifically highlighted points regarding the US market gains through bitcoin spot ETF. The application also pointed out the present ETFs that were approved.
VanEck statement in application:
“Spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on underlying futures market as the regulated market of significant size…..”
VanEck also described the fact that the unavailability of any U.S spot bitcoin Exchange-Traded Products (ETP) is driving away from the users to other regions ETP, & a prominent one on that is Canada’s spot BTC ETP. Approving this ETP and once similar to this will enhance the US-listed platforms.
VanEck’s previous application was prolonged for three years and finally got rejected. The famous ETF analyst has now predicted the deadline for this application’s response may be on Mar 23.
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Source: https://thenewscrypto.com/vanecks-reattempt-for-spot-btc-etf/