SEC Sets November Deadline for Final Decision on VanEck Bitcoin ETF

Regulators are again postponing a decision on what would be the first U.S. bitcoin ETF.

AccessTimeIconSep 9, 2021 at 4:50 p.m. UTC
Updated May 11, 2023 at 4:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Securities and Exchange Commission (SEC) has once again delayed ruling on VanEck’s bid for a bitcoin exchange-traded fund (ETF).

The U.S. regulator on Wednesday gave itself until Nov. 14 to approve or reject “VanEck Bitcoin Trust,” one of the earliest bitcoin ETF hopefuls to try its luck this filing cycle, and the first whose judgment day has been delayed three times.

That’s an important distinction: The SEC can only extend its consideration period for prospective ETFs three times. Unless it rules on one of the many other bitcoin ETF applications in the interim, Nov. 14 will yield a final answer on where VanEck’s offering stands.

Asset managers have rushed to modify their offerings in recent weeks, filing ETFs based on the bitcoin futures markets instead of the bitcoin spot market. The strategy change followed remarks by SEC Chair Gary Gensler that futures may be preferred.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about