The Countdown Begins
On March 15th, the Securities and Exchange Commission (SEC) officially published VanEck’s Bitcoin ETF filing on its website, igniting the clock on a 45-day decision-making window. Will it be approval, denial, or a delay? That’s the question on everyone’s minds. The SEC has the not-so-rapid-fire ability to push this decision until 249 days. Buckle up!
An Open Call for Public Input
During this tumultuous time, the public is invited to weigh in. Yes, that’s right! You have three weeks to give your two cents on the matter. So, if you’ve ever dreamt of being an SEC influencer, now’s your time to shine. Just remember, no cat memes, please—keep it professional.
A Blast from the Past: VanEck’s ETF Journey
VanEck first stepped into the Bitcoin ETF ring back in 2017. Their initial partnership with blockchain powerhouse SolidX looked promising but ultimately fizzled out. The VanEck/SolidX joint Bitcoin ETF was withdrawn without the SEC making a call. Talk about premature withdrawal! In January this year, things turned spicy again as SolidX filed a lawsuit against VanEck, alleging that the latter basically plagiarized their idea. Ouch!
A New SEC and New Opportunities
With Jay Clayton’s departure from the SEC in December 2020, there’s a fresh wind blowing through the commission’s hallowed halls. Previously, the SEC had a habit of rejecting Bitcoin ETFs, nine times to be exact. Each rejection was accompanied by concerns over the unregulated Bitcoin spot market, with worries that price manipulation was alarmingly easy. But could things change now?
Can Canada Lead the Way?
Meanwhile, Canadian regulators have taken the plunge and approved Bitcoin ETFs, making them the trendsetters in North America. Their successful launch this February has businesses speculating whether the SEC will change its tune. And it’s not just Bitcoin ETFs that are on the horizon—there’s buzz about Ether ETFs too. Who knew the crypto-crazy would have a ripple effect across borders?
