Popular global investment manager, VanEck, is not giving up on its spot BTC ETF application. The investment agency has filed another application with the US SEC.
Meanwhile, VanEck is among the first companies globally to file for a Bitcoin exchange-traded fund. The company submitted its first ETF application in June 2018 and SEC rejected it in 2021.
However, the regulator rejected the application. It stated that the application did not meet standards for protecting investors and public interest. Also, it did not give ways to prevent manipulative acts and fraudulent practices.
VanEck Gives Reasons Why SEC Must Accept Its Application
Following the rejection of Grayscale’s ETF application, VanEck has decided to give it another try. The investment manager resubmitted its application on June 24th.
However, VanEck’s latest spot ETF application comes with some tweaks. The company gave several reasons why the agency must approve its application.
The firm argued that several US ETPs (exchange-traded products) use the Canadian Bitcoin ETPs. As a result, US funds gain access to a spot Bitcoin ETF.
Therefore, VanEck sees no reason the regulator does not have a US-listed ETF. VanEck added that:
“Approving this application and that of other companies would give firms access to regulated ETFs. Therefore, they will not rely on flawed products or those regulated by other nations.”
Moreover, VanEck added that endorsing a spot ETF is only logical step by step. This is because the agency has accepted applications for BTC futures-based ETFs.
VanEck’s Latest Application Deadline – March 3rd, 2023
VanEck is among those companies with BTC futures-based ETFs approved by SEC. VanEck’s futures-based ETFs have been trying on Chicago Board Options Exchange since November 16th, 2021.
Furthermore, Henry Jim, an ETF analyst, said VanEck’s latest ETF application deadline is March 3rd, 2023. This news is coming amid the latest issue between SEC and Grayscale.
Like most investment firms, Grayscale has also applied to a spot ETF. However, the regulatory rejected the application citing public interest and protection of investors.
As a result, the investment company filed a lawsuit against the agency. The court hearing for the petition would be between 2023 and 2024.
According to Cointelegraph, Canada is among the first nations worldwide to issue a spot ETF. It launched the Purpose BTC ETF last February.
Although VanEck submitted its first ETF application in 2018, SEC postponed its verdict until 2021. However, the company is optimistic about its recent application.