The U.S. Securities and Exchange Commission (SEC) has acknowledged VanEck’s Bitcoin ETF filing. The Commission now has 45 days to approve, deny, or extend the review period for the application.
As reported by BTC PEERS, VanEck took another shot at getting a nod from the SEC for its Bitcoin exchange-traded fund (ETF) late last year. Shortly after, The Chicago Board Options Exchange (CBOE) sought approval to host VanEck’s fund.
To date, the financial watchdog is yet to approve any Bitcoin ETF. Should the application go through, VanEck’s Bitcoin Trust will become the first ETF to launch in the United States.
The SEC has a long history of ETF rejections. Several companies have tried and failed to get approval since 2018. In August 2018, for instance, the Commission rejected nine ETF applications on the same day.
However, some experts believe that this time will be different. For one, the cryptocurrency industry is more matured compared to three years ago. The sector has drawn investment from institutional players such as Tesla, PayPal, and MicroStrategy. Beyond institutional players, the sector has also gotten nods from government officials. Finally, Canada is already setting the pace, with three Bitcoin ETFs already approved by regulators. The U.S. might try to catch up.