VanEck complains to the SEC about the ETF decision’s delay.
The U.S. Securities and Exchange Commission (SEC) has been publicly chastised by VanEck for consistently postponing its rulings on important Bitcoin ETF proposals.
According to Cryptopolitan, Matthew Sigel, the company’s Head of Digital Assets Research, criticized the SEC on social media after the agency again delayed a decision to permit options trading for its spot Bitcoin ETF ($HODL) without providing a clear explanation.
VanEck is also awaiting a response to its proposal to allow in-kind creations and redemptions for the same fund, which are characteristics intended to give institutional investors more flexibility and tax efficiency.
VanEck Confidence is damaged by unclear delays.
The SEC’s lack of communication, according to Sigel, is “confounding and frustrating,” as it puts businesses in the dark about what needs to be fixed. In an attempt to get direction from her Crypto Task Force, he tagged SEC Commissioner Hester Peirce.
Participants in the industry contend that ongoing inaction and quiet undermine investor trust and impede innovation, particularly for businesses attempting to comply with the regulations in a sincere manner. Many believe that the delays are a sign of a larger regulatory bottleneck that is impacting many ETF applications in the cryptocurrency industry.
VanEck Industry continues to file despite setbacks
The number of new ETF registrations keeps rising even while the SEC is moving slowly. Canary Capital’s staked Tron ETF, CoinShares’ spot XRP ETF, and Fidelity’s in-kind cryptocurrency redemption requests are all in line. The potential benefits of being the first to market, according to asset managers, exceed the regulatory uncertainty.
Many businesses are still holding out hope for ultimate approval and more lucid regulations, given the Trump administration’s more pro-crypto position. A subtle indication that a change toward more clarity may be imminent is the SEC’s readiness to accept new filings even if it does not approve them.
We recently reported that the U.S. Securities and Exchange Commission (SEC) declared on May 20 that it would postpone making a decision on a number of exchange-traded fund (ETF) proposals pertaining to cryptocurrencies, including bid to enable Ether staking within its ETF and Grayscale’s XRP-tracking product.
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