The US Securities and Exchange Commission now has 45 days to file an initial archive decision for the listed VanEck Bitcoin (BTC) funds after the formal announcement of the company’s listing on its website on March 15th.

The SEC must now approve, reject, or extend the Bitcoin ETF file review period within 45 days. The SEC may extend the discussion window up to 249 days before making a final decision. The public also has a period of three weeks to post comments to the SEC website.

As Cointelegraph previously reported, the Chicago Board Options Exchange, or CBOE, was listed as Bitcoin ETF VanEck again in January. VanEck was a contender for the BTC ETF in 2017, when several companies wanted to gain SEC approval for the Bitcoin ETF.

At the time, Asset Management Equipment partnered with blockchain startup SolidX to register a shared Bitcoin ETF. However, the VanEck / SolidX BTC ETF was withdrawn before the SEC made the registration decision.

Back in January, SolidX sued VanEck, accusing the latter of stealing the Bitcoin ETF. According to the details of the complaint, SolidX stated that VanEck acted in bad faith in continuing to offer Bitcoin ETFs based on its work.

Following the change in committee leadership following the resignation of Jay Clayton in December 2020, companies in the US are trying again to create a Bitcoin ETF. The SEC’s Clayton term stated that the committee rejected nine Bitcoin ETFs.

The disorganized nature of the spot Bitcoin market was a common refusal associated with every rejection. During this period, the Securities and Exchange Commission usually referred to the issue as a cause for concern, saying price gouging was not difficult to implement, and thus approval by the BTC ETF was excluded.

Earlier in March, New York-based asset management company WisdonTree filed for a Bitcoin ETF with the SEC. Meanwhile, some market commentators say the approval of the BTC ETF in Canada could prompt the commission to rethink its earlier hesitation.

In fact, in February, the Canadian Securities and Exchange Commission approved the Bitcoin ETF pair and became the first such investment product in North America. After the initial success of these ETFs, some companies are now looking to expand their catalog by launching Ether ETFs.

Source: CoinTelegraph

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