SEC Delays VanEck Bitcoin ETF Implementation – Again

The US Securities and Exchange Commission (SEC) has delayed its decision on VanEck's Bitcoin exchange-traded fund (ETF), called the VanEck Bitcoin Trust. This is the second time the Commission has reversed a Bitcoin ETF decision this week. On June 15, the SEC delayed its decision on Kryptoin's ETF application. The SEC has yet to approve a Bitcoin ETF, with presidents often citing manipulation and a lack of transparency in the crypto market as top reasons. A Bitcoin ETF has been heralded as critical to continued adoption of the asset class. It will provide traditional investors less familiar with cryptocurrencies a regulated and traditional way of exposure to Bitcoin. Invesco joined ETF Hopefuls after filing two crypto applications. The Commission asks whether the application is subject to manipulation; if the public believes that the cryptocurrency industry has changed since 2016; If VanEck's presentation has limited the possibility of any manipulation; and whether Bitcoin is transparent. The public has the next 20 days to submit their comments on the above. Commentators can submit comments electronically through the Commission's portal. According to the SEC, mail and email are also accepted means. VanEck's Journey to Bitcoin ETF VanEck's first application came in June 2018 with the VanEck SolidX Bitcoin trust. The company eventually withdrew this application in September 2019. The New York-based investment manager filed a new application in December 2020 called the VanEck Bitcoin Trust. In March 2021, VanEck then proposed a change to the warehouse. According to a statement from the commission, the SEC postponed this application to April 2021. The announcement made yesterday is the second delay in the same filing. VanEck Bitcoin Trust is said to be trading shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate. this ra

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