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SEC Is Seeking Public Opinion On Whether To Approve BTC ETF Of VanEck Or Not

Michael Collier

The registration of the matter was presented before the 17th June deadline by the commission for approving or disapproving the Bitcoin ETF, and the date was extended till April. The Securities and Exchange Commission (SEC) of the United States has declared in order to allow the public for sharing their opinions on the scheduled change or rule regarding the exchange-traded fund (ETF) for Bitcoin from VanEck.

The regulatory body of the SEC has not reached a decision yet about the approval or disapproval of the ETF (exchange-traded fund) of Bitcoin (BTC) from VanEck, as mentioned in a filing on Wednesday. Nonetheless, SEC pushes the people to comment on the proposal and according to their interest. Particularly, the question is being asked from the common masses on behalf of the commission as if they think that the Bitcoin ETF is designed to avoid any practices and manipulative acts which are fraudulent.

Another question has been asked by the commission targeting the suitability of Bitcoin to be a primary asset for the exchange-traded products and the transparency and liquidity of the BTC (Bitcoin) market. It is the requirement of the existing rules that the protection of public interest and investors should be targeted by the securities and exchange commission.

Twenty-one days have been provided to everyone interested in commenting on the BTC exchange-traded funds before the final publication of the order in the Federal Register, and 35 days are to be provided after the publication for the rebuttals of the same register. The comments by the members of the common masses are to be submitted on the website of SEC via snail mail or email.

The paperwork regarding the application for BTC exchange-traded fund, accompanying SEC to be initiated in March, has been submitted by VanEck. Simultaneously, another application about the partnership with SolidX (Blockchain Company) has been withdrawn by the asset manager, which was registered in January 2021. The consultation date has already been extended by the commission from 3rd May to 17th June.

In the United States, up till now, the regulators have not approved even a single Bitcoin ETF. Many of the people are not expecting any approval in the case of the proposals submitted by Fidelity, Valkyrie Digital Assets, and VanEck as the date is being delayed. Nonetheless, the Canadian authorities have signalled the acceptance of a lot of crypto ETFs in the current year.