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SEC postpones Vaneck Bitcoin ETF decision to November

The SEC (Securities and Exchange Commission) announced on September 9, 2021 that it would postpone the decision on the approval of the Vaneck Bitcoin ETF from September 15, 2021 to November 11, 2021.

The SEC postponed the decision to approve the VanEck Bitcoin ETF for another 60 days.

The SEC justified the decision by stating that the longer period of time was appropriate or appropriate to have sufficient time to assess the situation. The decision should then be made on November 11, 2021.

VanEck could become the USA’s first BTC ETF

In addition to VanEck, Valkyrie, WisdomTree, Fidelity Investments and Goldman Sachs also submitted applications for a BTC ETF in 2021. However, since VanEck was the first to apply for a BTC ETF, VanEck could become the first BTC ETF in the US.

Grayscale withdrew the application for a Bitcoin ETF in 2016 because “the regulatory environment for digital assets was not yet sufficiently advanced to successfully bring such a product to market”. However, Grayscale also wants to convert its BTC Trust into a BTC ETF.

If the SEC’s decision is positive, that would be extremely good news for Bitcoin. More BTC ETFs could follow. New large investors and the easier access to a BTC ETF for small and private investors could lead to a lot of fresh capital flowing into the crypto market. In addition, the image of the largest cryptocurrency would be greatly enhanced, as investors can invest in Bitcoin through very reputable sources.

The new BTC ETFs would probably also have a positive effect on the Bitcoin price in the long term because of the new capital flows.

A picture from BeInCrypto

VanEck and Bitcoin ETPs

VanEck already offers Bitcoin and Ethereum ETPs in France, Holland and also in Germany. The cryptocurrencies are traded in euros (e.g. BTC / euros). The advantage is that with an ETP, as with an ETF, you can invest in Bitcoin without buying BTC. This simplifies the investment process and makes a Bitcoin investment much more attractive.

BTC ETFs are also already available in Brazil and Canada. If the ZEC allows the ETF, then in the near future other government agencies or countries could follow the SEC decision and the adaptation of cryptocurrencies could reach a new level.

A picture from BeInCrypto

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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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