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The SEC delays VanEck’s request for a Bitcoin ETF again

Global investment manager VanEck will have to wait for the SEC’s response to its Bitcoin ETF application earlier this year. The Commission’s second delay is intended to allow other interested parties to comment as to whether such a product will be durable.

The SEC has yet to make a decision

After canceling his previous attempts, VanEck submitted another request to the US Securities and Exchange Commission in March of this year to launch a Bitcoin ETF. The agency initially postponed its April decision until June. But the latest the notification of June 16 showed that the Commission had not yet taken a decision.

The document states that the SEC is “seeking and encouraging interested parties to submit comments” on the proposal. More specifically, these sites should comment on “Bitcoin’s suitability as an underlying asset for an exchange product.”

Furthermore, the Commission wishes to know whether such a product would be “vulnerable to manipulation”. In the announcement, we can read:

What are the general views of commentators as to whether the Exchange’s proposal is intended to prevent fraud and manipulation? What are the views of commentators generally regarding the liquidity and transparency of bitcoin markets, the vulnerability of bitcoin markets to manipulation?

Anything to protect investors

The agency said it needed this information because it was only trying to “protect investors and the public.”

Those wishing to comment on the BTC ETF’s proposal have 21 days from the date the order appears in the Federal Register and 35 days from the publication in the rebuttal register.

It’s worth noting that while the US still refuses to approve the Bitcoin ETF, the northern neighbor (Canada) has already allowed three this year. Initial results are quite promising as they have amassed over $ 1 billion in AUM in just a few months.

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