SEC continues to stall on Bitcoin ETF approval, seeks public comment to approve VanEck’s application
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SEC continues to stall on Bitcoin ETF approval, seeks public comment to approve VanEck’s application

Saudu Clement
Saudu Clement

In April, the United States Securities and Exchange Commission (SEC) postponed its decision on VanEck’s Bitcoin ETF application to June 17. But almost two months later, the agency does not appear to be ready to give its decision.

A Wednesday filing from the SEC confirms that the regulatory body has not reached a decision to approve or reject VanEck’s Bitcoin exchange-traded fund application. Instead, the SEC wants “interested persons to provide comments.” Specifically, the financial watchdog is seeking the public’s opinion on whether the Bitcoin ETF would be susceptible to manipulation, as well as their views with regards to “the liquidity and transparency of the bitcoin markets, the bitcoin markets’ susceptibility to manipulation, and thus the suitability of bitcoin as an underlying asset for an exchange-traded product.

The order came a day before the June 17 deadline, suggesting that the SEC is trying to buy more time. The proposed Bitcoin ETF is open to receive comments for the next 21 days after the order is published in the Federal Register. Meanwhile, rebuttal comments should be submitted within 35 days after publication in the same register.

As reported by BTC PEERS, VanEck submitted the paperwork for its Bitcoin ETF with the SEC in December 2020. The commission already extended the decision window from May 3 to June 17. It appears those who are waiting for a U.S.-based Bitcoin ETF will have to wait a bit longer.