TL;DR Breakdown
- VanEck’s Bitcoin ETF application has been published by the US SEC.
- The regulator has about 45 days to respond to the application.
- Many industry players in the US believe the country might gain its first ETF this year.
The United States may or may not be seeing a Bitcoin exchange-traded fund (ETF) application approved in the coming weeks. This follows the publication of VanEck’s Bitcoin ETF application by the Securities and Exchange Commission (SEC), which means the regulator has about 45 days to respond to the notice, either by accepting or rejecting it. Many crypto companies in the country have been pushing towards a crypto ETF, yet none has been successful so far.
VanEck’s Bitcoin ETF approval would be a milestone
The US crypto market has since been longing for a Bitcoin ETF. As many industry experts would believe, the approval of VanEck’s Bitcoin ETF, which is the closest to SEC’s verdict amongst other applications, unlocks a whole new level of adoption for the cryptocurrency market. Such an investment product provides investors, especially institutions, exposure to the underlying cryptocurrency (Bitcoin) without having to face complex storage and security procedures to secure the cryptocurrency.
If, after the 45-day period, the regulator didn’t accept or reject VanEck’s Bitcoin ETF application, they might extend the review to another 240 days. While the United States awaits a Bitcoin ETF, the Canadian authorities have already approved about three Bitcoin ETF applications. Anthony Scaramucci, the founder of Skybridge Capital, is among the people who believe that the United States might approve a Bitcoin ETF later this year.
US gears towards Bitcoin ETF
US companies are now actively pushing towards crypto ETFs. WisdomTree, leading asset manager and ETF sponsor, recently filed with the US regulator for approval to debut a Bitcoin ETF. Meanwhile, Grayscale is likely planning to join the race. Some days ago, the largest digital currency asset manager posted several job positions, seeking to hire ETF specialists.
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