The Securities and Exchange Commission’s constant delay in the approval or disapproval of VanEck’s Bitcoin Exchange Traded Fund [ETF] has left the community in distress.
While several other countries like Canada have started to enjoy the potentials of a crypto ETF, those living in the United States of America have been deprived of this feature. With no Bitcoin ETF being approved as of yet in the country, the citizens of America have lost the hope of a crypto ETF. However, the recent change in SEC’s leadership from Jay Clayton to Gary Gensler got the community excited. But the latest news from the financial watchdog wasn’t very crypto-friendly.
VanEck’s Bitcoin ETF Still On Hold
A recent filing from the SEC revealed that VanEck’s Bitcoin ETF verdict was further pushed to 17 June 2021 from 3 May 2021. While the SEC has the option of extending this sort of window before delivering a decision by 45, 60, or 90 days, the financial agency delayed VanEck’s approval or disapproval by 45 days.
Elaborating on the same, the Assistant Secretary of the SEC, J. Matthew DeLesDernier wrote in the filling,
“The Commission finds 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 the proposed rule change and the comments received.”
Several platforms have applied for the approval of a Bitcoin ETF in the country, but none have received a positive response. VanEck reportedly submitted all of the necessary paperwork for the Bitcoin ETF application back in January. This application was done in collaboration with SolidX, a well-known blockchain platform.
Additionally, many were on cloud nine after Gary Gensler was appointed as the Chairman of the SEC. This, however, seemed to have no impact on the approval of Bitcoin ETFs as they continue to be shot down.