Investment manager VanEck has resubmitted its application for a physically backed Bitcoin ETF to the Securities and Exchange Commission. She filed her papers on June 24, showing that she was eager to get approval.
Notably, the last application was rejected on November 12 last year. The regulatory body had indicated that VanEck was unable to meet the standards to protect investors and the public interest. The SEC also claimed that the company has failed to demonstrate how it would prevent “fraudulent” and “manipulative” acts and practices.
What the New Bitcoin ETF Filing Says
In the new filing of this time, VanEck made strong claims about why the regulatory body should approve its Bitcoin ETF.
It argued that U.S. funds remain exposed to Bitcoin even though the country does not have its own approved fund. It argued that if a native fund is approved, investors should not have to look abroad and rely on defective products or products listed in other countries and primarily regulated.
The investment manager also stated that approving a spot Bitcoin ETF would be a rational move for the SEC as it has already green-lit its Bitcoin futures fund. Notably, the futures ETF began trading on CBOE in mid-November last year.
“After the issuance of the Bitcoin futures approvals concluding that the CME Bitcoin futures market is a regulated market […] the only consistent result would be the approval of spot Bitcoin ETPs based on the fact that the Bitcoin futures market is also a regulated market of significant size in relation to the Bitcoin spot market†
Keep the base covered?
Here it is worth recalling that the SEC recently rejected Grayscale’s application to convert its flagship Bitcoin Fund, GBTC, into an ETF. The company contested the said decision and filed a lawsuit against the regulatory body.
Grayscale has claimed that the SEC approving future products, but not spot products, was “arbitrary and capricious.” According to the company, the bias is essentially a violation of the Administrative Litigation Act.
Now, community members have begun to speculate that VanEck has his base covered in case Grayscale wins the legal battle.
VanEck, for his part, is venturing into other areas. It is launching a “Space Innovators” ETF in Europe. The same would put it in direct competition with YODA, the Procure Space fund.
In fact, Europe is also all set to launch its first-ever Bitcoin ETF this month. As reported yesterday, Jacobi Asset Management will sell the ETF on Euronext Amsterdam. In fact, people on CT have already started arguing that the SEC needs to act quickly before it gets too late.
Read more: https://watcher.guru/news/post-uss-utterly-shameful-act-europe-set-to-launch-first-bitcoin-etf
Despite gaining approvals from foreign regulators, VanEck has not been able to convince the SEC to be on the same page. Only time will tell if the current re-registration would change that story or not.
According to Bloomberg’s ETF analyst Henry Jim, the deadline for VanEck’s latest spot Bitcoin ETF is March 3, 2023.