The US Securities and Exchange Commission (SEC) will finally decide whether or not to accept an exchange-traded fund (ETF) application for Bitcoin (BTC) applied by VanEck on November 14. This is the third time the authority has delayed its ruling on the matter.
Since the authority can delay decisions only thrice in a single application, this is the last chance for the Bitcoin ETF to be approved.
ETF and Mutual fund manager VanEck was one of the first companies to apply for a Bitcoin ETF in the United States, and the first company whose final decision has been delayed three times.
There are currently over 10 Bitcoin ETF applications being reviewed by the SEC since the financial authority is concerned over price manipulation. Crypto ETFs have recently gained attention since they allow investors to invest in cryptocurrencies without holding them.
VanEck had submitted its ETF application in December 2020. In a symposium last month, SEC Chairman Gary Gensler indicated that in cases of ETFs limited to Bitcoin futures traded on the CME (Chicago Mercantile Exchange), the SEC staff would be expected to review the application.
Since then, VanEck and other asset managers have begun to apply for ETFs linked to Bitcoin (BTC) and Ethereum (ETH) futures one after another.