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The US SEC Further Delays VanEck's Bitcoin ETF Application

cryptoknowmics.com 20 July 2021 02:33, UTC
Reading time: ~2 m

The SEC has delayed its judgment on whether to accept or refuse VanEck’s Bitcoin ETF application yet again.

The SEC Puts Vaneck’s Bitcoin ETF Application On Hold Again 

VanEck, the worldwide investment manager, has to wait even longer for the SEC’s response to its Bitcoin ETF application earlier this year. The second delay allows other interested parties to weigh in whether such a product would be successful.

Following the withdrawal of its earlier applications, VanEck submitted a new application with the US Securities and Exchange Commission in March of this year to launch a Bitcoin ETF.

The agency first postponed the decision from April to June. However, a more recent filing dated June 16th indicated that the Commission had not yet concluded.

The Commission Is Curious If Such A Product Would Be “Vulnerable To Manipulation”

According to the paper, the SEC “seeks and encourages interested people to make comments” on the BTC ETF application. Specifically, those parties should express their thoughts on “the appropriateness of Bitcoin as an underlying asset for an exchange-traded product.”

Furthermore, the Commission wants to determine if such a product would be “vulnerable to manipulation.

“What are commenters’ overall thoughts on whether the Exchange’s proposal is intended to deter fraudulent and deceptive activities and practices?” What are readers’ overall perspectives on the liquidity and transparency of the bitcoin markets, as well as the vulnerability of the Bitcoin markets to manipulation?”

Those who wish to comment on the BTC ETF plan have 21 days after the order is published in the Federal Register and 35 days after the publication of rebuttals in the register.

It’s worth noting that, while the US continues to refuse to approve a Bitcoin ETF, Canada has already approved three this year. Earlier results have been impressive, with over $1 billion in AUM acquired in just a few months.

Grayscale Is Introducing A DeFi Fund & Index For Institutional Investors

Grayscale Investments is launching both a DeFi Fund and an index. The fund would offer investors a single investment instrument through which they could participate in DeFi protocols. It will expose them to DeFi assets like Uniswap (UNI) and AAVE.

Grayscale revealed a new investment vehicle. Currently, the firm offers several trusts for Bitcoin, ether, and other cryptocurrencies, as well as a digital big-cap fund that invests in major cryptocurrencies.

According to Grayscale, this will be the company’s 15th investment vehicle in the previous year.

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