Bitcoin ETF: SEC adds VanEck-backed proposal for approval; initial decision in 45 days

The SEC has been very active in the sphere of cryptocurrency of late, with various proposals for Bitcoin ETFs going to it for approval. This has raised optimism among many that a consensus may soon be reached and that a Bitcoin ETF may soon be around the corner.

Back in January, a Bitcoin ETF jointly-submitted by VanEck, SolidX and the CBOE BZX exchange was withdrawn owing to the US government shutdown at that time.

According to recent reports, the VanEck proposal for a Bitcoin ETF was re-submitted for official approval and the SEC has announced that an application from VanEck, SolidX Partners and the CBOE is under review.

Gabor Gurbacs, VanEck’s in-house cryptocurrency legal advocate, has not commented on this issue yet. However, over the week, Gurbacs has been very vocal in expressing his optimism regarding the approval of a Bitcoin ETF. He claims that the ETF’s approval could play a big part in the crypto industry and would be beneficial to both the investors and the budding market.

The U.S Securities and Exchange Commission [SEC] has chosen 20 February to decide the initial decision regarding the ETF. This will also initiate the countdown of 45 days to decide whether the ETF will be approved or rejected again. The proposal that has been submitted will also be formally published on the SEC’s register in that duration.

When the filing is accepted, the clock will begin on the SEC’s approval process with regards to the Bitcoin ETF. This would be the second Bitcoin ETF to be registered this month. A proposal made by Bitwise Investment Management and NYSE Arca is also on the table for compliance.

Hunter Horsley, Chief Executive Officer of Bitwise Asset Management in a recent interview with CNBC’s Bob Pisani, expressed his optimism regarding the potential idea of a crypto-backed fund. Horsley explained that virtual currencies as a whole are in the “most viable’ state ever in the market.

He added that an ETF tracking these virtual assets is inevitable, now more than ever. The Bitwise CEO was confident that the SEC’s concerns regarding potential market manipulation and custody have been addressed and that steps have been initiated in the right direction.