Is it coming soon?
Bitcoin ETF: yes or no? Instead of finally answering the question, the SEC decided to extend the cooling off period again.
The Securities and Exchange Commission (SEC) has again postponed the decision on the approval of the VanEck Bitcoin Trust. On September 8, the US Securities and Exchange Commission announced that it would allow itself another 60 days to think about it.
November 14th has been set as the new deadline. The date is final, as the SEC can only postpone its decision three times. For VanEck, however, that could be good news. The fund provider was one of the first to submit its application last December. It is therefore the only one from the current wave of applications that has been extended for the third time. VanEck is right at the forefront in the race for the first Bitcoin ETF.
In addition to VanEck, financial service providers such as Fidelity and WisdomTree are longingly waiting for an ETF decision. Meanwhile, the SEC plagues ongoing concerns about the price stability and manipulation resistance of the Bitcoin market.
Bitcoin ETF based on futures?
Despite the long wait, a statement by SEC chief Gary Gensler recently sparked a new trend in ETF applications. Gensler made it clear that ETFs higher based on Bitcoin futures prospects might have. An ETF based on futures transactions, which are already regulated by the authorities, seems to the SEC boss to be a more reliable variant compared to the usual crypto market. Of course, it remains to be seen whether the applications from companies like Valkyrie and Invesco will actually go through.