VanEck’s proposed ETF is under review but if the SEC doesn’t rule on the proposal it will likely extend the review process up to 240 days so let’s read more in our latest crypto news today.
The Securities and Exchange Commission acknowledged VanEck’s proposed BTC exchange-traded fund and published it on the website which means that the regulatory body has 45 days to decide the launch of an ETF. If it doesn’t decide what to do with it, it could extend the review process for 240 days. VanEck is an asset management company that already made a few attempts to launch a Bitcoin ETF. The company tried to launch the product via the Chicago Board Options Exchange which filed with the SEC to list the proposal.
The asset manager filed numerous proposals in the past to the SEC, while trying to launch its BTC ETF but like many other companies, it got rejected citing “extreme volatility” and “possible market manipulation.” The SEC rejected all submissions since then but if the regulator approves this proposal, it will become the first BTC open-traded product on the market. The American investors will get more exposure to BTC If this gets approved.
Other countries like Canada or Australia already approved a BTC ETF with $240 million in assets in two days. Giants like Mike Novogratz’s Galaxy Digital is aiming at the Canadian market as well, to launch another Bitcoin ETF. In Australia, regulatory bodies like AUSTRAC are exploring proposals that were submitted by several companies that are looking to launch a BTC ETF so the institution will review the submissions with huge chances to be approved.
A bitcoin ETF was considered unlikely but with the new management, the SEC could finally approve one with Gary Gensler as it chairman. Gensler is a crypto-advocate as he already made some comments in support of blockchain technology. When it comes to crypto and its integration into the economy, Gensler thinks that digital assets and blockchain will have a positive effect. Gensler also calls for instruments and laws that can protect investors from the volatility on the market like hacks and scams.
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