The Securities and Exchange Commission (SEC) of the United States has once again postponed VanEck’s third application for a Bitcoin (BTC) spot exchange-traded fund (ETF).
The company has been attempting for a while to obtain approval for what will be the first BTC ETF in America, and its initial application to the SEC in 2017 was ultimately rejected.
The SEC rejected VanEck’s second application in November 2021, citing that the company had not complied with requirements to safeguard investors and prevent fraudulent and manipulative activities and practices.
VanEck persisted and submitted a third BTC ETF offering application to the SEC in June 2022, outlining several reasons why the SEC ought to reevaluate its earlier rulings.
VanEck’s main defense was that Canadian exchange-traded instruments like BTC spot were exposing American investors to Bitcoin. In February 2021, Canada, America’s northern neighbor, became one of the first nations in the world to authorize a spot Bitcoin ETF.
The SEC’s deadline for approving the most recent file was slated to expire on August 27, which forced the agency to delay making a decision on the case by nearly two months.
After calling for public engagement in July 2022, the SEC has until October 11 to make a decision and reported that it has not received any comments on the proposed rule change:
“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 battle for a position in America Since 2017, there has been debate about a Bitcoin ETF, which would effectively let institutional investors purchase shares that would reflect Bitcoin and be held by VanEck.
This provides investors access to Bitcoin without requiring them to store and own it personally. On the Cboe BZX Exchange, VanEck aims to list its BTC ETF product.
