The competition for the first approved bitcoin trading fund ran into a road this week when the Securities and Exchange Commission delayed the review of only one of the two ETFs in the approval queue; Trust for Bitcoins VanEck.
Still, the company adheres to the view that Main Street investors will benefit from an easier way to invest in cryptocurrency.
“VanEck continues to believe that investors will be well served by having a publicly registered bitcoin product and we are committed to working with regulators during their review period,”
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In the declaration, the SEC explained its decision to postpone the review and possible approval.
“The Commission considers it appropriate to set a longer period within which to take action on the proposed rule change so that there is sufficient time to consider the proposed rule change and the comments received,” wrote J. Matthew DeLesDernier, SEC Assistant Secretary.
The second similar bitcoin ETF, WisdomTree’s Bitcoin Trust, remains on track, which the company confirmed to FOX Business.
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Inquiries to the SEC requesting more details on the delay were not answered immediately.
Bitcoin ETF to get a fresh look under the SEC gene
Bitcoin, on Friday of $ 57,000, is going back to record levels.
While other cryptocurrencies are watching more active trading, including Etherum, which set a new record this week of $ 2,700.
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SEC President Gary Gensler began his new job on April 17. Many on Wall Street predict that Gensler’s tenure will be more friendly to cryptocurrencies than his predecessors. Gensler taught a cryptocurrency class during his recent training in Sloan management at MIT.
“I hope that with a new chairman here at the SEC, that we will be able to reconsider some of the reasons that we have denied bitcoin-traded products in the past,” SEC Commissioner Hester Peirce told FOX Business’s The Claman Countdown. interview time in April.
She also noted that the United States is lagging behind in the competitive world of crypto investment.
“Honestly, Canada is ahead of us now, they not only have bitcoin-traded products, but they also have exchange-traded Ether-based products,” she added, which is currently the second largest crypto-asset after bitcoin with a market capitalization of nearly $ 300 billion, as Coindesk tracks.