request on Nov. 12, 2021. The securities regulator based its decision on the ETF on its alleged inability to meet standards to protect investors and the public interest as well as to “prevent fraudulent and manipulative acts and practices.”
In the latest filing, VanEck provided a wide number of reasons for the SEC to approve a Bitcoin ETF this time. The ETF company argued that the lack of a U.S.-listed spot Bitcoin exchange-traded products does not prevent U.S. funds from gaining exposure to Bitcoin. That is because many U.S. ETPs use Canadian BTC ETPs to gain exposure to spot BTC, VanEck argued, stating:
“Approving this proposal — and others like it — would provide U.S. ETFs and mutual funds with a U.S.-listed and regulated products to provide such access rather than relying on either flawed products or products listed and primarily regulated in other countries.” As previously reported by Cointelegraph, Canada was one of the first countries in the world to debut a spot Bitcoin ETF with theVanEck went on to say that approving a spot Bitcoin ETF would be a logical step for the SEC after the authority decided to allow Bitcoin futures-based ETFs. As previously reported,“After issuing the Bitcoin futures approvals which conclude the CME Bitcoin futures market is a regulated market [...