VanEck Bitcoin ETF Delayed Controversy! The Crypto ETF Market Faces New Turbulence!
The cryptocurrency market has always been full of twists and turns. Recently, the delay in the approval of VanEck's Bitcoin ETF product has added a layer of tension and uncertainty to the market.
Delayed Ruling, Reasons Remain a Mystery
Sigel first disclosed on the X platform that the U.S. Securities and Exchange Commission (SEC) has delayed its ruling on the 19b-4 filing submitted by the Chicago Board Options Exchange (CBOE), which pertains to the listing of options for the VanEck Bitcoin ETF with the stock code "HODL." The plan for the physical creation and redemption of the same spot Bitcoin ETF issuance has also been delayed.
Even more confusing is that the SEC rarely explains the reasons behind such delays. Sigel specifically highlighted Hester Peirce, who leads the SEC's newly established Cryptocurrency Task Force. This lack of explanation has left applicants in the dark, unsure of what went wrong with their applications. Matthew Sigel candidly stated that the entire process is "confusing and frustrating."
Frequent Delays, Lack of Transparency
The delay in decisions regarding crypto ETF applications is not an isolated incident. On May 22, the SEC delayed its decision on CoinShares' spot XRP ETF, instead calling for public comments and rebuttals on the relevant documents, pushing the next deadline to August 24. Fidelity's request to include physical redemptions in its spot Bitcoin ETF and Ethereum counterpart was also delayed by the SEC, which has not provided a timeline for a final decision.
VanEck's CEO spoke on behalf of the applicants, emphasizing that stakeholders in Bitcoin ETFs should receive transparency and investors should get timely responses, while the SEC's actions are clearly unsatisfactory.
Applications Persist, Future Uncertain
Despite facing numerous delays, asset management companies have not slowed down their applications for crypto ETFs.
Given the current relatively friendly government stance towards cryptocurrencies in the U.S., and the SEC not halting the acknowledgment of related documents—such as recently acknowledging Canary's staking Tron ETF filing—optimism in the market has been sparked. It is reasonable to expect more applications for altcoin ETFs in the future. However, the ultimate direction of the crypto ETF market still requires further observation.
