- The original deadline for the regulator’s decision was August 27.
- Cboe BZX Exchange will become a commercial venue for the VanEck product.
Global Asset Manager based in New York VanEck He will now await a decision from the US Securities and Exchange Commission (SEC) about its latest implementation of a Bitcoin Trading Fund (ETF). Van Eck, who manages more than $65 billion in assets, submitted an updated application for a Bitcoin ETF on June 24; The original deadline for the regulator’s decision was August 27.
Cboe BZX Exchange It will become a commercial venue for a VanEck product if it receives regulatory approval. In a filing dated August 24, the SEC said it would “either approve, reject, or initiate proceedings to determine whether to reject the proposed rule change.” This will push the deadline for a decision on VanEck’s application until October 11.
Is Bitcoin ETF Ever Possible?
According to the Securities and Exchange Commission:
“The Committee considers it appropriate to establish a longer period for action on the proposed rule change so that it will have sufficient time to consider the proposed rule change and the issues raised therein.”
Since seeking public input on July 13, she said, “the agency has received no comments on the proposed rule change.” The Securities and Exchange Commission (SEC) rejected VanEck’s application in November 2021 on the grounds that the Bitcoin spot market was vulnerable to “fraud and manipulation.”
Investors can buy shares of an ETF in the same way as shares of an underlying asset are bought by investors. Thus, a Bitcoin ETF would provide investors with exposure to Bitcoin without requiring them to buy Bitcoin directly from an exchange or hold Bitcoin in a digital wallet.
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