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VanEck refiles with SEC for spot Bitcoin ETF

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VanEck, one of many first corporations on the earth to ever file for a Bitcoin (BTC) exchange-traded fund (ETF), isn’t giving up on its plans to launch a spot Bitcoin ETF within the United States.

The agency has refiled an utility for a physically-backed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).

Filed on June 24, VanEck’s newest Bitcoin ETF utility comes months after the SEC rejected its earlier spot Bitcoin ETF request on Nov. 12, 2021. The securities regulator based mostly its determination on the ETF on its alleged incapability to fulfill requirements to guard traders and the general public curiosity in addition to to “prevent fraudulent and manipulative acts and practices.”

In the most recent submitting, VanEck supplied a large variety of causes for the SEC to approve a Bitcoin ETF this time.

The ETF firm argued that the shortage of a U.S.-listed spot Bitcoin exchange-traded merchandise (ETP) doesn’t forestall U.S. funds from gaining publicity to Bitcoin. That is as a result of many U.S. ETPs use Canadian BTC ETPs to realize publicity to identify BTC, VanEck argued, stating:

“Approving this proposal — and others like it — would provide U.S. ETFs and mutual funds with a U.S.-listed and regulated products to provide such access rather than relying on either flawed products or products listed and primarily regulated in other countries.”

As beforehand reported by Cointelegraph, Canada was one of many first nations on the earth to debut a spot Bitcoin ETF with the launch of the Purpose Bitcoin ETF in February 2021.

VanEck went on to say that approving a spot Bitcoin ETF can be a logical step for the SEC after the authority determined to permit Bitcoin futures-based ETFs. As beforehand reported, VanEck’s BTC futures ETF began buying and selling on the Chicago Board Options Exchange on Nov. 16, 2021.

“After issuing the Bitcoin futures approvals which conclude the CME Bitcoin futures market is a regulated market […] the only consistent outcome would be approving spot Bitcoin ETPs on the basis that the Bitcoin futures market is also a regulated market of significant size as it relates to the Bitcoin spot market,” the brand new submitting reads.

Related: Grayscale’s authorized problem to SEC sparks response from the neighborhood

According to Bloomberg ETF analyst Henry Jim, the deadline for VanEck’s newest spot Bitcoin ETF is March 3, 2023.

VanEck is named one of many first U.S. corporations to ever file for a Bitcoin futures ETF. The firm initially filed for a physically-backed Bitcoin ETF in June 2018 however the SEC repeatedly postponed its determination over the proposal to finally reject it three years later.