SEC asks for comments from “interested” persons on the Vaneck Bitcoin ETF – Regulation Bitcoin News

The US Securities and Exchange Commission (SEC) is currently seeking additional comments from the public as the regulator ponders the Vaneck Bitcoin Exchange Traded Fund (ETF) decision. In a notice released on Wednesday, the SEC believes that “interested parties” should comment on the case.

SEC is looking for comments on Vaneck’s proposed Bitcoin ETF listing

In December 2020, New York-based investment company Vaneck filed with the SEC to list a Bitcoin ETF. Following the original filing, the Chicago Board Options Exchange (Cboe) applied for Vaneck Bitcoin Trust listing in March 2021. In late April, when the US regulator was considering whether or not to close the Vaneck ETF, the SEC gave itself 45 days to make a decision.

The SEC’s ruling detailed that the appointment was postponed to June 17, 2021. The regulatory authority could extend it to a “longer period of up to 90 days”, it says in the communication. “How the Commission can determine, if it considers such a longer period to be appropriate, and publishes its reasons,” says the order of the US regulator. The order was drafted on April 28, 2021 by the SEC’s Assistant Secretary Matt DeLesDernier.

This week, June 16, 2021, the SEC announced that it was soliciting comments from “interested parties” who are for or against the Vaneck Bitcoin ETF listing. Interested commentators have around 21 days in which to speak to the supervisory authority.

“The Commission is initiating proceedings under Section 19 (b) (2) (B) of Law14 to determine whether the proposed rule change should be approved or rejected. Given the legal and political issues raised by the proposed rule change, it is appropriate to initiate proceedings at this point, as discussed below, ”the SEC said in a June 16 statement. The announcement adds:

[The] The initiation of the procedure does not indicate that the Commission has reached any conclusions on any of the questions concerned. Rather, the Commission invites and encourages interested parties to comment on the proposed rule change, as described below.

SEC decisions to “protect investors and the public interest”

The US regulator states that its decision-making methods are in the best interest of the public. In addition, the SEC may institute procedures that allow further review of the proposed rule change.

“Pursuant to Section 19 (b) (2) (B) of the Act, the Commission will notify the reasons for refusal under consideration,” the notice said. “The Commission is initiating a process to allow an additional analysis of the compatibility of the proposed rule change with Section 6 (b) (5) of the Act, which, among other things, requires the rules of a national stock exchange to ‘prevent’ fraudulent and manipulative activity and practices ”and“ to protect investors and the public interest ”.

This isn’t the first time the U.S. regulator has asked for opinions on approving or rejecting a Bitcoin-based ETF in the country. So far, however, the Securities and Exchange Commission has yet to approve a Bitcoin ETF despite the many applicants in 2021 and in previous years.

What do you think of the SEC seeking comment on the Vaneck Bitcoin Trust? Do you think the U.S. regulator will approve a Bitcoin ETF this year? Let us know what you think in the comments section below.

Tags in this story

45 Days, Approval, Bitcoin, Bitcoin (BTC), BTC, Decision Making, Exchange Traded Fund, Matt DeLesDernier, Postponed, Public Comment, Public Interest, Regulation, SEC, US Regulator, Vaneck, Vaneck Bitcoin ETF

Photo credits: Shutterstock, Pixabay, Wiki Commons, SEC logo,

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