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VanEck Pulls Back on Bitcoin ETF – Hopes of Approval Rest on One Application

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CBOE Exchange has withdrawn its proposal to the SEC for a publicly-traded Bitcoin ETFs. According to a recent press release by the Federal agency, on 13th September the exchange withdrew its application for a rule change.

The deadline for a decision for the SEC on the VanEck/SolidX application is 18th October. Jake Chervinsky, a corporate lawyer and crypto-enthusiast, said that,

“VanEck withdrew its bitcoin ETF proposal today, presumably expecting that the SEC would reject it next month.”

Moreover, he also notified that only Bitcoin application resting with the SEC currently is from Bitwise. It is highly unlikely to see a ‘publicly-traded’ Bitcoin ETF in 2019.

VanEck and Bitcoin ETFs

VanEck had recently announced the ‘limited Bitcoin ETF‘ product. It is available only to institutional investment entities like hedge funds, banks, or even large brokerage firms.

As reported earlier, the SEC continues to be concerned about the impact of an ETF on retail investors. The volatility and manipulation in the crypto markets.

Nevertheless, the Digital Asset strategist/director at VanEck, Gabor Gurbacs, is still optimistic of one. He tweeted,

Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.

Gurbacs is pro-Bitcoin; he hopes that SEC would make “life easier for Bitcoiners.” Moreover, he also suggested that VanEck might be working on other Bitcoin-focused products.

Since the SEC is highly skeptical of an ETF, a regulated exchange or trust funds like Grayscale can expect to grow in the interim period.

How do you think SEC can be put at ease on the manipulation and custody issues? Please share your views with us. 

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