By Shelly Melancon (Switzerland)
The global asset management company, VamEck, recently filed for a new Bitcoin Futures ETF under Act 40 with the SEC. The Bitcoin Strategy ETF would wield the BTC Futures product in its custody, being the fourth company to file for such a specific Bitcoin ETF since the previous week.
The sudden boost in the filing of Bitcoin Strategy ETFs comes on the heels of SEC chair Gary Gensler’s indication that a Bitcoin Futures ETF has a more promising chance of receiving SEC authorization than those who wield Bitcoin. In the previous week, Invesco became the first firm to file for a Bitcoin Strategy ETF, hours after Gensler’s acceptance comment. Eric Balchunas, a Bloomberg ETF analyst, had anticipated that companies would hurry to file for the Bitcoin “Futures” ETF after Gensler’s suggestion.
Would The SEC Approve it?
There are a dozen Bitcoin ETF invitations pending clearance before the SEC, out of which the chief regulatory body has hampered its decision on four ETF filings including VanEck’s. The SEC chief Gensler in his last interview suggested that the SEC has no established timeline for endorsing the first Bitcoin ETF. However, he indicated it would be enacted with strict regulatory guidelines in order to guarantee investor protection.
Also read:The VanEck corporation maintains the forefront of crypto ETF filing as it has filed for both BTC ETF and ETH ETF with the SEC. The current filing by this firm implies that the company’s priority is towards the Bitcoin-backed Exchange-Traded Fund (ETF). VanEck was also among the corporations that filed for a Bitcoin ETF as early as 2017 but were rejected by the former SEC chair Jay Clayton.
VanEck, started its first crypto ETF in Europe which is called the ‘VanEck Vectors Digital Assets Equity UCITS ETF’. Both Europe and North American nations have approved crypto ETFs, and many have seen great achievement within few weeks of its launch. The SEC delays with making its decision on approving regulated Bitcoin products and many former and current regulators have requested that the SEC accept BTC ETF as it would guarantee investor’s protection and give rise to more clarity and transparency in the crypto industry.
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