VanEck, one of the first companies in the world to apply for an exchange-traded fund (ETF) on Bitcoin (BTC), is not giving up on its plans to launch an ETF in the United States.
The company has reapplied for a physical backed Bitcoin ETF with the US Securities and Exchange Commission (SEC).
VanEck’s last application for an ETF was filed on June 24, months after the SEC rejected its earlier application for a Bitcoin ETF on November 12, 2021. The securities regulator based its decision on the ETF on its alleged inability to meet standards to protect investors and the public interest as well as “to prevent fraudulent and manipulative acts and practices.
In his latest filing, VanEck gave a slew of reasons why the SEC agreed to approve a Bitcoin ETF this time around.
The ETF argued that the lack of US-listed exchange-traded Bitcoin products (ETP) does not prevent US funds from being exposed to Bitcoin. VanEck argued that this is because many US ETPs are using Canadian BTC ETPs to gain immediate exposure to BTC, noting the following:
“Acceptance of this proposal — and others like it — would provide US ETFs and mutual funds with US-listed and regulated products to provide such access rather than relying on faulty products or products primarily listed and regulated in other countries.”
As previously reported by Cointelegraph, Canada was one of the first countries in the world to launch the first Bitcoin spot ETF with the launch of Purpose Bitcoin ETF in February 2021.
VanEck went on to say that approval of a Bitcoin spot ETF would be a logical step for the SEC after the authority decided to allow Bitcoin futures-based ETFs. As previously reported, the VanEck BTC futures ETF began trading on the Chicago Board Options Exchange on November 16, 2021.
“Following the issuance of the Bitcoin futures approvals concluding that the CME Bitcoin futures market is a regulated market […] the only consistent outcome would be the approval of Bitcoin ETPs on the grounds that the Bitcoin futures market is also a regulated market with as large a volume as the Bitcoin market is concerned. Immediate,” reads the new filing.
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According to Bloomberg ETF analyst Henry Jim, the deadline for VanEck’s latest ETF is March 3, 2023.