Connect with us


U.S SEC again delays VanEck Bitcoin ETF decision



The U.S. Securities and Exchange Commission (SEC) has again postponed the bitcoin Exchange-Traded Fund (ETF) in a filing on Wednesday. The filing came before the commission’s June 17 deadline to approve or disapprove of the Bitcoin ETF following an extension in April 2021.

According to the new filing from the SEC, the regulatory body has not yet decided on whether to approve or disapprove of VanEck’s Bitcoin ETF and are now seeking public opinion as to whether or not to approve the ETF. The SEC is asking the public if they think a Bitcoin ETF would be susceptible to manipulation and how it can be designed to prevent fraudulent and manipulative acts and practices.

The SEC also asked people to weigh in on “the suitability of Bitcoin as an underlying asset for an exchange-traded product” and the liquidity and transparency of the Bitcoin (BTC) market. Anyone interested in commenting on the proposed Bitcoin ETF will have 21 days after the order is published in the Federal Register to do so and 35 days after publication in the same register for rebuttals. Members of the public can submit comments through the SEC website, via email, or snail mail.

See also  South African brothers vanish with $3.6 billion in Bitcoin

The SEC can extend the deadline in 45, 45, 90 and 60-day increments to give a total of 240 days before delivering a final decision. However, under Section 19(b)(2)(B) of the Securities Exchange Act of 1934, the commission also has the right “to determine whether the proposed rule change should be disapproved” before any deadline, as is the case in the request for public comment.

See also  FG extends NIN, SIM integration exercise deadline to July 26

The VanEck Bitcoin ETF

VanEck is hardly a newcomer to cryptocurrencies. The firm is known for being a specialist in mutual funds and ETFs. The company has tried (and failed) for many years to launch a bitcoin ETF in the U.S.

In the company’s recent attempt to starting a Bitcoin ETF, it submitted the paperwork to apply for it with the SEC in March after withdrawing a similar application it had filed in January in partnership with blockchain startup, SolidX.

No Bitcoin ETF has been approved in the United States. Due to the continued delays by the SEC in the case of VanEck’s, Valkyrie Digital Assets’ and Fidelity Investments proposed Bitcoin ETF’s approval is unlikely to come anytime soon.

See also  Chad's Army has selected former President's Idriss Deby's son As head of state

However, Canadian officials have given the green light for many crypto ETFs this year, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Apostle Okikijesu Apostle Okikijesu
FEATURE1 hour ago

Apostle Okikijesu Releases New Prophecies On Nnamdi Kanu, Sunday Igboho

the General Overseer of Christ Apostolic Miracle Ministry, Apostle Paul Okikijesu, has revealed a message “from God” to the leader of...

WORLD NEWS1 hour ago

Russia Fines Google 3 Million Rbls for Violating Personal Data Law | Technology News

MOSCOW (Reuters) – Russia on Thursday fined Google 3 million roubles ($41,017) for violating personal data legislation, Google’s first fine...

WORLD NEWS7 hours ago

J&J Contractor Plans to Resume COVID-19 Vaccine Production at Baltimore Plant – WSJ | U.S. News®

(Reuters) – Johnson & Johnson contractor Emergent Biosolutions Inc plans to resume COVID-19 vaccine production at its Baltimore plant after...

WORLD NEWS13 hours ago

Dell Stops Some U.S. Gaming PC Shipments Over New Efficiency Rules | Technology News

(Reuters) – PC maker Dell Technologies Inc said it has stopped shipping some versions of its powerful gaming systems to...

WORLD NEWS18 hours ago

Duolingo Valued at $6.5 Billion as Shares Soar in Debut | Technology News

(Reuters) – Language learning app Duolingo Inc’s shares rose nearly 39% in their U.S. market debut on Wednesday, giving it...

WORLD NEWS24 hours ago

McConnell Strives to Counter ‘Bad Advice’ to Boost U.S. Republican Vaccination Rate | Top News

WASHINGTON (Reuters) – U.S. Senate Republican leader Mitch McConnell blamed misinformation for the low rates of COVID-19 vaccination among Americans,...

WORLD NEWS1 day ago

Capgemini Raises 2021 Targets on Booming Tech Demand | Technology News

(Reuters) -French consulting and IT services provider Capgemini raised its 2021 guidance on Wednesday as it benefits from a global...

WORLD NEWS1 day ago

White House Wants Broadband Funding in Infrastructure Bill-Sources | Top News

(Reuters) -A bipartisan group of senators and the White House are debating extending a program started early in the COVID-19...

How To Make Your Comment Show On 2021 BBNaija TV Screen (Season 6) How To Make Your Comment Show On 2021 BBNaija TV Screen (Season 6)
NEWS1 day ago

Caricatures of BBNaija Shine Ya Eye House Mate

Nigeria comic writer, stand up comedian, memer and caricaturist have just made some caricatures of the 2021 BBNaija Shine Ya Eye Male...

Ghana News1 day ago

Ghanaians Resumes #FixThe Country Campaign Following Reports That A Dollar Is Equivalent To GHS6

The dollar has since been ahead of the Ghana cedi but it has been quite frustrating looking at how expensive...