The Securities and Exchange Commission (SEC) will make a decision on VanEck’s Bitcoin ETF filing on November 14 — 60 days earlier than the previously stated deadline.
On March 2 the Chicago Board Options Exchange filed an application to list a Bitcoin ETF on behalf of VanEck. On March 18 the SEC began its review, but postponed the decision twice — in April and June. The regulator required additional public comments “in light of legal and political considerations”.
Under current rules, the Commission may do this three times. After completing the third such period, the agency must either approve or reject the proposed changes.
SEC can review applications within 180 days of submission. It may also extend the decision for another 60 days with adequate justification.
“The Commission believes it is justified to designate a long period to have enough time to review the proposed changes and the questions raised in the comment letters”, — the regulator noted.
Earlier in August, VanEck filed another application for a Bitcoin ETF.
The structure is oriented toward Bitcoin futures and also takes into account the Investment Company Act of 1940.
Earlier, SEC Chairman Gary Gensler stated that a fund meeting these requirements could be approved.
Later Bloomberg analysts predicted the Commission would approve a Bitcoin ETF by the end of October. They named the ProShares filing as a favorite.
Applications to launch products in line with the regulator’s recommendations, besides VanEck and ProShares also came from Valkyrie Investments, Invesco, Galaxy Digital and AdvisorShares.
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