SEC Postpones Decision on VanEck’s Bitcoin ETF Until June

The US SEC has extended the deadline for considering the application of VanEck Bitcoin ETF. The commission said it was “appropriate to designate a longer period” for the proposed BTC ETF.

April 29, 2021 | AtoZ Markets The US Securities and Exchange Commission (SEC) has extended the original 45-day window to approve a Bitcoin exchange-traded fund (ETF), from asset manager VanEck.

According to an SEC filing on Wednesday, the regulatory body will postpone the deadline to approve or disapprove the VanEck Bitcoin ETF from May 3 to June 17, an additional 45 days.

The Commission believes that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider such proposed change and the comments received,” said SEC Deputy Secretary J. Matthew DeLesDernier in the filling.

VanEck filed the paperwork to apply for a Bitcoin ETF with the SEC last month after the asset manager withdrew a similar request it had filed in January in association with blockchain startup SolidX. Both Valkyrie Digital Assets and Fidelity Investments have already filed filings with the commission to form Bitcoin ETFs in January and March, respectively.

Read also: SolidX Sues VanEck Claiming Bitcoin ETF Plagiarism

The regulatory body has the ability to extend the deliberation window up to 240 days before issuing a final decision, with extensions of 45, 45, 90 and 60 days announced separately. If the SEC continues to delay its decision on VanEck, the company may not receive a final response until mid-November.

US regulators have not approved any Bitcoin ETFs, and given the SEC’s apparent reluctance to do so, many experts are not expecting approval anytime soon. However, this year many crypto ETFs have been approved in Canada , including offerings from mutual fund manager 3iQ, Purpose Investments, Evolve Funds Group, and CI Global Asset Management.

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