- Jan van Eck, the CEO of VanEck, recently signified that the approval of a Bitcoin traded fund might not happen in the coming future.
- SEC has refused to approve an ETF that would directly invest in the crowned cryptocurrency to date.
- Grayscale also condemned SEC’s firm behavior in not approving it to cover its flagship fund into a spot ETF.
Jan van Eck, the chief executive officer of the investment management firm VanEck, recently appeared on Bloomberg TV. He highlighted that the approval of a Bitcoin traded fund is unlikely in the near future.
Spot Bitcoin ETF is being held hostage by the SEC?
Earlier in March, the giant filed for a Bitcoin exchange-traded fund that could directly trace the Bitcoin (BTC) ‘s price. But the US Securities and Exchange Commission (SEC) refused the proposal with concerns regarding regulatory clarity and market manipulation.
SEC earlier flagged off various future-based Bitcoin ETFs that resulted in a short-term elevation to the market. But it has refused to approve an ETF that would directly invest in the crowned cryptocurrency to date.
This firmness of the regulator was somewhat condemned by the largest crypto asset management firm, Grayscale. It has been quite outspoken about the SEC’s reluctance to approve covering its flagship fund into a spot ETF.
The asset manager even signified that it could take the regulator to court if it constantly disapproves of such a product.
In March, Van Eck appeared on a podcast and cited that a spot Bitcoin ETF is being held hostage by the SEC. Furthermore, he believes that the regulator is looking forward to jurisdiction over the crypto space that they don’t have currently.
The CEO also went on about how the regulatory dialogue about the digital assets was not very healthy.
Recently the Global investment giant, VanEck highlighted that Bitcoin (BTC) might boost by over 100 times. And that the freezing of Russia’s foreign currency reserves is something that will make alternatives like gold and Bitcoin more attractive as the national reserve assets.
ETFs have been really in use by several entities lately. Recently, Fidelity, the world’s fourth-largest asset management firm, announced the launch of a couple of new strategic exchange-traded funds (ETFs) focused on facilitating investors with exposure to crypto and metaverse sectors.
It is to look forward if Van Eck’s saying proves to be accurate. And what stand would SEC take on Spot Bitcoin ETF?
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Source: https://www.thecoinrepublic.com/2022/04/19/is-there-no-chance-of-spot-bitcoin-etf-approval-vaneck-ceo-think-so/