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VanEck CEO Urged The SEC To Approve The ETF Because Of High Demand

The VanEck CEO urged the SEC to approve his BTC ETF application because of the high customer demand on the market as we are reading more in our latest Bitcoin news today. Jan Van Eck who is the VanEck CEO urged the SEC to approve the ETF application and asserted that the firm’s customers have […]

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VanEck CEO Urged The SEC To Approve The ETF Because Of High Demand

The VanEck CEO urged the SEC to approve his BTC ETF application because of the high customer demand on the market as we are reading more in our latest Bitcoin news today.
Jan Van Eck who is the VanEck CEO urged the SEC to approve the ETF application and asserted that the firm’s customers have a growing appetite for the exchange-traded fund. This came amid the company’s attempt to have an ETF approved in the US. During the recent interview with CNBC, Van Eck spoke about the plans of the company to enter the crypto space through the ETF that tracks the performance of BTC. The company already filed for a new ETF that will track the performance of BTC. The company withdrew its previous attempts and the latest one was delayed twice by the US SEC.

While waiting for the SEC’s final decision, VanEck filed another draft for the BTC futures mutual fund earlier this week. Called the BTC Strategy Fund it will invest in the futures contracts, pooled investment vehicles, and ETPs with exposure to the main cryptocurrency. However, it will not invest directly in BTC which is why the VanEck CEO thinks that the SEC should focus o approving the exchange-traded fund and outlined a strong demand from customers for such a product:
“We really think the SEC should approve a Bitcoin ETF.”
However, he thinks that the Chairman of the Commission is not putting it on the agenda and it is what it is. The SEC is moving way too fast on this. Van Eck took a stab at the Grayscale Bitcoin Trust and said that the only alternative to the exchange-traded fund in the US is a closed-end fund that trades it at a 40% premium or a 20% discount. He concluded:
“Bitcoin futures … aren’t any better because of the shape of the futures curve. There’s a futures-based fund that underperformed bitcoin by 22% last year and 8% this year. Can’t predict what the SEC will do, but investors are really asking for a more efficient access vehicle.”

As reported recently, the SEC delayed VanEck’s BTC ETF application and asked the public a few key questions about the market. The US Securities and Exchange Commission delayed the decision on VanEck’s Bitcoin exchange-traded fund dubbed VanEck bitcoin trust. This is the second time that the commission pushed back on a decision regarding a Bitcoin ETF. The SEC postponed its decision on Kyrptoin’s ETF filing and it still has yet to approve any BTC ETF with chairpeople citing manipulations all the time and also no transparency in the crypto market as key reasons.