VanEck's move to list options in place of a Bitcoin ETF offering has been delayed by the SEC, a growing concern among crypto advocates.
Asset management firm VanEck has spoken out against the United States Securities and Exchange Commission (SEC)'s apparent tendency to delay decisions on Bitcoin ETF amendments and other crypto ETF applications.
To mitigate these delays, the regulator is not sharing relevant feedback with the community. Drawing on this, Matthew Siegel, head of digital assets research at VanEck, has called out the regulator, saying investors deserve better than silence.
VanEck Bitcoin ETF product delayed
First, Sigel pointed out on X that the SEC has delayed CBOE’s decision on a 19b-4 filing to list options on the VanEck Bitcoin ETF with the ticker symbol ‘HODL’.
The same is the case with its proposed type of creation and redemption delay for the same Bitcoin ETF offering.
Per Sigel X's post, whenever the regulator announces such a delay, it barely explains the reason behind the action. He tagged Hester Paris, who leads the Crypto Task Force, a new unit established by the SEC.
Without any information in the form of clarification, applicants wonder what could be wrong with their applications. Matthew Sigel labeled the entire process “confusing and frustrating.”
Speaking on behalf of these applicants, the VanEck executive noted that Bitcoin ETF stakeholders deserve transparency. In addition, Sigel said investors are able to respond in a timely manner, a process that seems beyond the SEC's ability.
Crypto ETF Lags Are Growing: What's Going On?
Recently, a number of asset managers whose crypto ETF application decisions have been delayed. On May 22, the SEC postponed its decision on the CoinShares Spot XRP ETF.
Instead of issuing a decision, the regulator called for public comments and rebuttals on the filings. As such, the agency has moved the next deadline to August 24, up from the original May 26 deadline.
The SEC also delayed a request by Fidelity to add in-kind redemptions to its spot Bitcoin ETF and Ethereum counterpart.
In that case, the regulator also did not provide a timeline for when a final decision might be made. It's unclear what the commission's plans are, but Matthew Segal believes it should be considered.
Looking for more crypto ETF products?
Based on recent events surrounding Bitcoin ETF and related offerings, there are expectations that asset management firms may be slow with their applications.
On the contrary, these firms are not backing down, and it doesn’t look like they will be doing so anytime soon.
Asset management firms have filed to list and trade funds linked to Cardano, Polkadot, Solana, and even XRP ETFs. It wouldn’t be surprising if more altcoin ETFs continue to be filed.
They are probably motivated by the fact that the US is now under an administration that appreciates cryptocurrencies. Also, the SEC hasn’t stopped acknowledging these filings.
It recently acknowledged Canary's tainted Tron ETF filing, sparking optimism within Tron and the broader crypto community.