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The race for the first approved Bitcoin exchange-traded fund came in one fell swoop this week when the Securities and Exchange Commission delayed reviews of just one of two ETFs in the approval queue. The VanEck Bitcoin Trust.
Still, the company sticks to its belief that Main Street investors will benefit from an easier way to invest in cryptocurrency.
“VanEck continues to believe that investors will be well served by a publicly registered Bitcoin product and we are committed to working with regulators during the period under review,” Ed Lopez, Head of ETF Product at VanEck, said in a statement to FOX Business.
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In a filing, the SEC stated its decision to postpone review and possible approval.
“The Commission believes it appropriate to set a longer deadline for the proposed rule change to be implemented in order to allow time to review the proposed rule change and the comments received,” wrote J. Matthew DeLesDernier, assistant secretary of the SEC.
The second, similar Bitcoin ETF, WisdomTree’s Bitcoin Trust, remains on track, confirms FOX Business.
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Inquiries to the SEC asking for more details about the delay were not answered immediately.
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Bitcoin marched back to record levels on Friday at $ 57,000.
Bitcoin 1 week / Courtesy of Coindesk ()
While other cryptos are seeing more active trading, including Etherum, this week hit a new record of $ 2,700.
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Ethereum 1 week / Courtesy of Coindesk ()
The chairman of the SEC, Gary Gensler, took up his new position on April 17th. Many on Wall Street are predicting that Gensler’s tenure will be friendlier to cryptocurrencies compared to his predecessors. Gensler taught a cryptocurrency class during his recent tenure at MIT’s Sloan School of Management.
The chairman of the SEC, Gary Gensler, took up his new position on April 17th. (REUTERS / Jose Luis Magana)
“I hope that with a new chairman here at the SEC we can take a fresh look at some of the reasons for which we have rejected Bitcoin products traded on the exchange in the past,” SEC Commissioner Hester Peirce said on “The Claman Countdown” from FOX Business during an interview in April.
She also noted that the US is falling behind in the competitive world of crypto investing.
“Honestly, Canada is now ahead of us. Not only are there Bitcoin products traded on the exchange, there are also Ether-based products traded on the exchange,” she added, which is currently the second largest crypto asset behind Bitcoin with a market cap of nearly US $ 300 billion. Dollars as tracked by Coindesk.