The U.S. Securities and Exchange Commission (SEC) has once again extended the evaluation period for VanEck’s Bitcoin exchange-traded fund.
In the statement made by the institution, it was stated that it will take another 60 days to evaluate the rule change proposed by VanEck. Thus, the deadline for the rejection or approval decision of the ETF in question was November 14. The SEC must make a final approval or disapproval decision before that date. The institution can extend the period up to 245 days before deciding on an application. In the VanEck application, this deadline will be reached as of November 14.
The world’s largest futures exchange CBOE also applied for listing for VanEck’s Bitcoin ETF. VanEck’s Bitcoin ETF application is the oldest currently pending decision on the SEC’s desk. After VanEck, companies such as Fidelity, Valkyrie, Kryptoin and Skybridge have filed various Bitcoin ETF applications.
There is an expectation that at least one Bitcoin ETF will be approved in the USA, after the Bitcoin ETFs that started to be approved and traded in Canada this year. However, SEC Chairman Gary Gensler made statements stating that he would prefer ETFs based on Bitcoin futures contracts. This reinforces the thesis that Bitcoin ETFs in the US could initially be viewed as based on Bitcoin futures contracts rather than directly based on Bitcoin.