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Hopes are high on this current submission because there has been a growing demand for a Bitcoin ETF in the United States.
We are on the verge of a record-breaking event in the history of the crypto industry in the United States as the Securities and Exchange Commission (SEC) recently announced its receipt of the VanEck 19b-4 Form for Bitcoin exchange-traded fund (ETF). According to the laws of the country, the commission has a 45-day window period to consider the proposal and make a decision too. This means that we could be witnessing the approval of the first Bitcoin ETF very soon.
In previous times, the authorities had rejected every attempt of organizations trying to open an ETF. The body had always cited “market manipulation and a host of other reasons” as to why it has never assented to the requests. Notably, this is not the first attempt of VanEck, all of its previous Bitcoin ETF attempts had been met with failure. Other companies that have attempted to own an ETF include Valkyrie and WisdomTree and there are also growing indications that Grayscale might be planning to apply for its own ETF too.
However, hopes are high on this current submission because there has been a growing demand for a Bitcoin ETF in the United States plus the entrance of major institutions like Microstrategy, Square, Tesla and others into the crypto industry, many believe this could be a game-changer for the financial regulator. Not only that, Gary Gensler, the nominated chairman of the commission, is for his pro-crypto stance as he was quoted to have labeled cryptocurrencies as a “game-changer.” Also, Canada has recently approved up to 3 different ETFs and the US authorities might not want to be left behind on growing trends in the world.
VanEck filed the ETF with Cboe BZX Exchange. The exchange published the document earlier this month which indicates that it has been logged with the Federal Register. The public has a 21-days window to submit their views and opinions about the application to the body. It is important to note that the SEC could choose to extend its review period to 240 days before making a final decision. Based on precedent, it is likely that this path may be passed again.