VanEck, one of the ETF & Mutual Fund Manager firms to ever file for a Bitcoin ETF, has once again re-filed for a physically-backed Bitcoin ETF with the US Securities and Exchange Commission (SEC) after its first application was rejected.
VanEck seems not to be giving up its fight to be allowed to issue a Bitcoin exchange-traded funds (ETF). It had filed a similar request with the SEC on November 12, 2021, but the SEC rejected it on the grounds that the Mutual Fund Manager firm did not have the ability to meet the required standards to protect public interest and investors as well as “prevent fraudulent and manipulative acts and practices.”
VanEck Bitcoin Trust [ETF] REJECTED
— ETF Hearsay by Henry Jim (@ETFhearsay) November 12, 2021
19b-4 exchange listing rule change application to allow the fund to list on the Cboe exchange *not* approved by the SEC, as per notice issued today:https://t.co/Dvvehjx5x8 https://t.co/pxWqmRj426
However, in the recent filing, VanEck went ahead to provide more reasons as to why the SEC should approve its Bitcoin ETF request.
VanEck’s argument on Bitcoin ETF in the US
According to VanEck, the lack of a currently listed spot Bitcoin exchange-traded product in the US does not prevent US Funds from accessing Bitcoin exposure.
In its argument VanEck said:
“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.”
Currently, most US-listed spot Bitcoin exchange-traded products (ETPs) use Canadian BTC ETPs to gain Bitcoin exposure. Canada was among the first
