Tuesday, April 13, 2021

The US SEC has 45 days to deliver an initial decision on the VanEck BTC ETF.

The Takeaway:

The United States Securities and Exchange Commission now has 45 days to deliver an initial decision on the VanEck Bitcoin exchange-traded fund.

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The United States Securities and Exchange Commission (SEC) now has 45 days to deliver an initial decision on the VanEck Bitcoin exchange-traded (BTC ETF) fund filing, having officially published the company’s submission on its website earlier this week. Now, the SEC has to approve, decline or extend the review period for the mentioned BTC ETF filing within the 45-day window. The SEC can extend the deliberation window up to 249 days before delivering a final decision. The public also has three-weeks to submit comments on the SEC website.

 

CBOE filed to list the VanEck BTC ETF back in January. 

Earlier, the Chicago Board Options Exchange, or CBOE, filed to list the VanEck Bitcoin ETF back in January. VanEck was one of the BTC ETF hopefuls back in 2017 when several companies were looking to gain SEC approval for a Bitcoin ETF. VanEck was one of the BTC ETF hopefuls back in 2017 when several companies were looking to gain SEC approval for a Bitcoin ETF.

 

CBOE partnered with blockchain startup SolidX to file a joint Bitcoin ETF. 

The asset management outfit had partnered with blockchain startup SolidX to file a joint Bitcoin ETF. However, the VanEck/SolidX BTC ETF was withdrawn before the UD SEC delivered a decision on the filing. Earlier this year, SolidX filed a lawsuit against VanEck, accusing the latter of plagiarizing its Bitcoin ETF. According to the details of the complaint, SolidX said VanEck acted in bad faith by going ahead to file a Bitcoin ETF based on its work. With the change in leadership at the commission following Jay Clayton’s departure back in December 2020, firms in the U.S. are trying once again for a Bitcoin ETF. Clayton’s SEC tenure saw the commission reject nine Bitcoin ETFs.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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