The race for the first approved bitcoin-listed fund hit a roadblock this week as the Securities and Exchange Commission delayed the review of only one of two ETFs in the approval queue; VanEck Bitcoin Trust.
Still, the company maintains its view that Main Street investors will benefit from an easier way to invest in cryptocurrency.
“VanEck continues to believe that investors will benefit from having a publicly registered Bitcoin product, and we are committed to working with regulators during their period of consideration,”
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The SEC explained in a submission its decision to postpone the review and possible approval.
“The Commission considers it appropriate to designate a longer period within which the proposed rule change should be made so that it has sufficient time to consider the proposed rule change and the comments received,” wrote J. Matthew DeLesDernier, SEC Assistant Secretary.
The other similar bitcoin ETF, WisdomTree’s Bitcoin Trust, remains on track, as the company confirms to FOX Business.
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Inquiries to the SEC requesting more detailed information on the delay were not immediately answered.
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Bitcoin, at $ 57,000 on Friday, is marching back to record levels.
While other cryptocurrencies see more active trading including Etherum, which this week hit a new record of $ 2,700.
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SEC President Gary Gensler started his new job on April 17. Many on Wall Street predict that Gensler’s era will be more user-friendly for cryptocurrencies compared to his predecessors. Gensler taught a cryptocurrency class in his recent time at MIT’s Sloan School of Management.
“I am hopeful that with a new chairman here at the SEC, we will be able to take a new look at some of the reasoning that we previously denied bitcoin-traded products,” SEC Commissioner Hester Peirce said of FOX Business. The Claman Countdown “during an April interview.
She also noted that the United States is lagging behind in the competitive world of crypto-investment.
“Honestly, Canada is ahead of us now, not only do they have bitcoin exchange-traded products, but they have exchange-traded products based on Ether,” she added, who is currently the second largest crypto-asset behind bitcoin with a market value of nearly $ 300 billion. as traced by Coindesk.