Wednesday, January 20, 2021

VanEck withdraws its application for BTC ETF a month before the hearing

The Takeaway:

VanEck withdraws its application for BTC ETF approval from SEC. Earlier this month the exchange announced a similar product to BTC ETF that did not require SEC's approval. Now Bitwise is the only whose BTC ETF application is pending with the US SEC.

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According to a press release by Federal agency, the exchange has withdrawn its application for its BTC ETF approval.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.

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?

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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.

Thomas Gonzales
Thomas Gonzales
Thomas is a Stanford University graduate who loves to talk about the financial world. Though he has a demonstrated history of working in the real estate industry but ever since he came into the crypto space, he has developed a keen interest in researching and writing about bitcoin and blockchain.

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