SEC Delayes Decision on VanEck’s Latest Bitcoin ETF Application

Global investment manager VanEck has once again been made to wait longer for the U.S. Securities and Exchange Commission (SEC) to decide on the company’s latest Bitcoin exchange-traded product (ETF) application.

The watchdog refuses to approve a spot Bitcoin ETF in the country, while it has granted a few futures-based ones.

• The SEC announced in a filing, which reads that it will delay its decision on a proposed rule change to list VanEck’s spot Bitcoin ETF till October 11, 2022.
• According to the document, the Commission did not get any comment or feedback on the company’s application since calling for comments on July 13, 2022.
• An excerpt from the 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 issues raised therein.”

• The latest development comes after VanEck decided to file for another Bitcoin ETF on June 24, after the SEC rejected the company’s proposal in November 2021.
• While the American regulator is yet to give the green light for a spot Bitcoin ETF, the SEC has approved several futures-backed BTC ETF requests from companies like VanEck, ProShares, and Valkyrie.