The Securities and Exchange Commission of the US has delayed the VanEck Bitcoin ETF proposal until June. SEC usually takes upto 45 days to decide on the proposed filing from the day of registration. The 45-day window for the VanEck proposal ends on May 3.
The official filing read,
“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,”
There are a total of 8 Bitcoin ETF applications pending before the SEC this season waiting for approval. Before the current filing spree, the US SEC had to reject every Bitcoin ETF application that came in after the 2017 bull season. The regulatory body had cited a small market cap along with market volatility of Bitcoin as key reasons behind the rejection, however, this bull season as the Wall Street giants increasingly gain Bitcoin exposure and the BTC market cap has reached $1 trillion, the hopes for a Bitcoin ETF approval has increased.
Would Success of Purpose Bitcoin ETF and Gary Gensler’s Appointment Make Way for First Regulated Bitcoin ETF in the US?
The US currently has a few Bitcoin funds that institutional players invest in as well as ETFs that track the price of Bitcoin via their investment in companies like MicroStrategy and Tesla who hold Bitcoin on their balance sheet. However, there is no regulated ETF holding Bitcoin directly in the US.
The appointment of Gary Gensler as the new SEC head has also got everyone’s hopes high primarily because of his crypto background and understanding of the subject. The North American Bitcoin ETF by the Purpose group has also proven to be a great hit indicating a great demand for such a product and can influence the approval of the first Bitcoin ETF in the US.