SEC Delayed VanEck BTC ETF Application Once Again: Report

The SEC delayed VanEck Bitcoin ETF application once again and this time it pushed the deadline back until august as we can see more in our latest cryptocurrency news today.

The SEC delayed VanEck’s BTC ETF application and asked the public a few key questions about the market. The US Securities and Exchange Commission delayed the decision on VanEck’s Bitcoin exchange-traded fund dubbed VanEck bitcoin trust. This is the second time that the commission pushed back on a decision regarding a Bitcoin ETF. The SEC postponed its decision on Kyrptoin’s ETF filing and it still has yet to approve any BTC ETF with chairpeople citing manipulations all the time and also no transparency in the crypto market as key reasons.

The Bitcoin ETF was heralded as crucial for the continued acceptance of the asset class as it will offer traditional investors less familiar with crypto, a conventional means of gaining exposure to BTC. On this occasion, the SEC asked the public to comment on a few questions on the VanEck filing. It asked whether the filing will be vulnerable to manipulation and if the public believes the crypto industry changed since 2016. Also, it asked the community whether the filing curtailed possibilities of manipulation and if BTC is transparent.

The public has 20 days to answer any questions and all comments can make submissions electronically via the Commission’s portal. Post and email are also accepted. Vaneck’s filing came back in 2018 with the VanEck solidX Bitcoin trust and the company then withdrew the filing in September 2019. the New York-based investment manager defiled a new application in December 2020 dubbed the VanEck bitcoin Trust. In 2021, VanEck proposed an amendment to the filing and the SEC delayed the filing in August 2021 but yesterday’s announcement is the second delay of the same filing.

The VanEck Bitcoin trust will trade shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate and this rate is a US dollar value that tracks the median price of the cryptocurrency on five exchanges. These kinds of price aggregators are used whenever a fund manager or exchange is looking to create a financial product and needs a reliable price tracker.
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The shares of the trust will trade on the Cboe BZX exchange as per the filing but the filing didn’t cite a specific custodian that will hold the underlying BTC in the Trust.