SEC postpones decision on VanEck’s recent spot Bitcoin ETF application

In spite of the fact that it has approved a few ETF proposals based on futures contracts, the U.S. Securities and Exchange Commission (SEC) is not giving its blessing to spot Bitcoin ETFs.

VanEck, a global investment manager, has had to wait for the regulator to make a decision on the company’s most recent application for a Bitcoin exchange-traded fund for an extended period of time yet again.

The SEC has revealed in a filing that it will put off until October 11, 2022 its decision regarding a proposed rule change that would list VanEck’s spot Bitcoin ETF.

Since it issued a request for opinions on July 13, 2022, the Commission did not receive any comments or feedback from the public regarding the company’s application, as stated in the document. An excerpt from the notice reads:

“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 issues raised therein.”

VanEck’s previous ETF 

The most recent turn of events follows the company’s decision to submit an application for another Bitcoin ETF on June 24. This comes after the SEC turned down VanEck’s original proposal in November last year, as TheCoinRise reported.

Although the American regulator has not yet given the go-ahead for a spot Bitcoin ETF, the SEC has granted a slew of requests for futures-backed Bitcoin ETFs from firms such as VanEck, ProShares, and Valkyrie.

Before this, GrayScale’s application to convert its flagship Grayscale Bitcoin Trust into a spot Bitcoin ETF, after which the company filed a lawsuit against the regulator, as we reported. According to Craig Salm, who serves as Chief Legal Officer for the company, the Appellate Court in which the lawsuit was originally filed could take as long as two years to issue a final ruling about the case.