VanEck Slams SEC's Bitcoin ETF Delays

Asset manager VanEck has publicly criticized the US Securities and Exchange Commission (SEC) for its pattern of delaying Bitcoin ETF applications and providing insufficient feedback to applicants. VanEck's Head of Digital Assets Research, Matthew Sigel, argues that investors deserve more transparency and timely responses.

VanEck Bitcoin ETF Delays

Sigel highlighted the SEC's delay in ruling on the CBOE's 19b-4 filing for options on VanEck's Bitcoin ETF (ticker symbol 'HODL') and the delay regarding the proposed in-kind creations and redemptions for the same spot Bitcoin ETF offering. The SEC's lack of explanation for these delays is a major concern, prompting Sigel to call the process "confounding and frustrating."

Sigel's criticism underscores the need for greater transparency from the SEC. He emphasized that Bitcoin ETF stakeholders and investors deserve timely responses and clear communication regarding the status of their applications.

Widespread Crypto ETF Delays

The SEC's delays extend beyond VanEck's applications. The Commission postponed its decision on CoinShares' spot XRP ETF, requesting public comments and pushing the deadline to August 24. Fidelity's application for in-kind redemptions in its spot Bitcoin and Ethereum ETFs also faced delays, with no provided timeline for a decision.

Future of Crypto ETF Applications

While some speculate that asset management firms might slow down their ETF applications due to the SEC's actions, the opposite appears to be true. Numerous firms continue to file applications for ETFs tied to various cryptocurrencies, including Cardano, Polkadot, Solana, and XRP. This persistent activity may be fueled by the current administration's more crypto-friendly stance and the SEC's continued acknowledgement of these filings, as evidenced by its recent acknowledgment of Canary's staked Tron ETF filing.

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