Jan van Eck, the CEO of VanEck, is pessimistic about the approval of a Bitcoin exchange-traded fund (ETF). The executive has said the US Securities and Exchange Commission (SEC) is unlikely to approve a spot Bitcoin ETF anytime soon.
VanEck CEO Says Approval For A Spot Bitcoin ETF Is Unlikely
In an appearance on Bloomberg TV, the wealth manager’s CEO said the regulatory framework for cryptocurrencies is currently unhealthy. This resulted in the delay in approving products related to crypto assets.
VanEck applied for a spot Bitcoin ETF in March last year. The ETF could track Bitcoin’s market price. However, like many other filings, the SEC rejected VanEck’s filing in November. According to the regulator, the regulations surrounding cryptocurrencies were unclear. The SEC further said that cryptocurrencies are susceptible to manipulation.
In October, the SEC approved the first Bitcoin ETF to track BTC futures. This helped create a bullish sentiment in the market and BTC rose to a new all-time high of $69,000. However, the SEC has been reluctant to approve an ETF that will track Bitcoin’s price directly.
In March, the CEO said the company’s Bitcoin ETF was being “held hostage” by the SEC’s refusal to green-light the product. In an interview with Anthony Pompliano, he said the SEC was waiting to gain jurisdiction over the crypto market. The SEC has no official jurisdiction to regulate the crypto market.
Grayscale threatens to sue SEC
The SEC’s refusal to approve a spot Bitcoin ETF threatens to land the regulator in legal trouble. The world’s largest digital asset manager, Grayscale, has openly condemned the SEC’s reluctance towards an ETF.
Grayscale has also filed for a spot Bitcoin ETF, but the SEC has declined to approve it. Grayscale has threatened to sue the SEC if it refuses to approve this product. Grayscale has also unveiled an ad campaign asking for support to get the SEC to approve its ETF.[porttoensuretheSECapprovesitsETF[porttoensuretheSECapprovesitsETF
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