The Securities and Exchange Commission has put VanEck’s ETF ( Exchanged-traded fund) proposal for discussion. The institution now has a 45-day window to approve, deny, or even extend the review process to at least 240 days

VanEck’s proposal was published on the SEC’s official website. Several companies and investment firms have been trying since 2017 to launch a Bitcoin ETF, filing numerous proposals over time. All of them were rejected by the regulatory body, citing “market manipulation” and “extreme volatility”.

Will We Finally See a Bitcoin ETF?

VanEck, an American investment giant, made several attempts to launch a Bitcoin ETF. As reported by CryptoPotato, in December last year, VanEck filed for an S-1 form with the SEC to launch its first Bitcoin ETF, called VanEck Bitcoin Trust.

Weeks ago, the Chicago Board Options Exchange (Cboe) filed with the SEC to enlist Vaneck’s Bitcoin proposal, trading on the Cboe BZX Exchange if approved. The proposal has been resubmitted multiple times. After several failed attempts, If the SEC approves Vaneck’s proposal, it would become the first Bitcoin open-traded product in the U.S.

It’s worth noting that the United States is one of the countries with a serious interest in cryptocurrencies, especially Bitcoin. The first stimulus checks in May 2020 were $1,200. Soon after, popular crypto exchange Coinbase registered peak deposits from Americans using their stimulus checks to invest in crypto.

Light at the End of the Tunnel

There is a probability, even though at this point it’s rather speculative, that the SEC finally approves a Bitcoin ETF under new management from crypto-friendly Gary Gansler. The new SEC chairman is a crypto-asset enthusiast with experience in the market.

Gansler advocates the use of cryptocurrencies and the benefits of blockchain in the digital economy. On the other hand, to launch crypto-products in the country, regulation is necessary to prevent investors from attacks like hacks and scams. — or even suffering tremendous losses, considering the volatility of the crypto market.

Other countries got ahead of the United States. Canada became the first country in North America to allow a Bitcoin ETF, following a massive inflow of capital, at least $420M in assets in just two days. Now other companies are launching their ETFs.

Mike Novogratz, CEO of Galaxy Digital, is also exploring the Canadian market to launch their Bitcoin ETF.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here