According to a press release by Federal agency, the exchange has withdrawn its application for its BTC ETF approval. SEC was supposed to give a decision on 18th October. After VanEck withdrew its application, now all hopes lie on Bitwise to get BTC ETF approval from the SEC.
Both the exchange VanEck and Bitwise filed a proposal to get BTC ETF approval from the SEC, but the security exchange kept on delaying the decision. As of now, there are no BTC ETF available in the market.
Earlier VanEck announced the launch of “limited Bitcoin ETF” which is quite similar to BTC ETF and does not require SEC’s approval. However, these new ETFs are only available to institutional investment entities and not to retail investors.
Previously SEC pointed towards the potential manipulation in the market if BTC ETFs are approved. CEO of VanEck, Gabor Gurbacs, tweeted that they are committed to supporting bitcoin and bitcoin and bitcoin-focused financial innovation. And ETFs remain their top priority.
We are committed to support Bitcoin and Bitcoin-focused financial innovation. 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. https://t.co/bDYiSbTRVl
— Gabor Gurbacs (@gaborgurbacs) September 17, 2019
Some believe that the exchange was expecting to get the proposal rejected next month and that’s why they withdrew the application. The crypto community is eagerly anticipating the approval of BTC ETF as it has the potential to change the bitcoin trading for good. Let us know in comments what do you think of VanEck’s decision to withdraw their application?