SEC postponed a solution for a spawning bitcoin -etf from Vaneck

The United States Securities and Exchange Commission (SEC) has postponed the deadline for making a decision on the application of the Vaneck management assets to launch an exchange fund (ETF) based on the first cryptocurrency.

Initially, the regulator was supposed to complete the consideration on August 27. According to the document, the new date is October 11. SEC noted that they did not receive public comments on the application from the company.

“The commission considers it appropriate to appoint a longer period to take measures to change the rules so that it has enough time to consider […] raised issues,” the order says.

On June 24, Vaneck submitted documents for launching a spot-bitcoin -etf. SEC rejected the previous statement in November 2021.

The company considered that the positive verdict of the regulator would be logical after the resolution of the futures bitcoin -etf. A similar tool from Vaneck received approval in October 2021. He became the third in a row after products from Proshares and Valkyrie Investments, which received listing in the United States.

In October 2021, Grayscale Investments applied for converting a digital gold to a spare bitcoin -etf.

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On December 17, the SEC postponed the adoption of the decision on the application, and in February 2022 it took this step again. On June 30, Grayscale sued the regulator after the final deviation of its application.

Earlier, the company indicated that the readiness of the SEC approves Bitcoin-ETF based on futures with a deviation of applications based on its spawn version may violate the law on administrative procedures.

According to the head of the legal department of Grayscale, Craig Salma, the trial against the commission may take one to two years. The company considers the decision of the regulator as “unfair discrimination”.

Recall, the editors of Wall Street Journal accused the head of the Sechelter head of the “confusing” approach regarding the adoption of a spotcin-bitcoin -etf.

Earlier, Bloomberg analysts predicted that the regulator would approve such tools in mid -2023. According to Erica Balchunas’s calculations, 95% of those who commented on Grayscale’s application supported the launch of the tool.

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