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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.

Sep 9, 2021 at 4:50 p.m. UTC
Updated Sep 9, 2021 at 5:08 p.m. UTC

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Danny is a business reporter at CoinDesk.

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