VanEck CEO Doesn’t Expect Spot Bitcoin ETF Approval Anytime Soon

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Alex Dovb­nya

Pri­or to that, Jan van Eck accused the SEC of hold­ing a spot Bit­coin ETF hostage due to lack of jurisdiction 

Dur­ing a Mon­day appear­ance on Bloomberg TV, Jan van Eck, chief exec­u­tive offi­cer of invest­ment man­age­ment giant VanEck, opined that the approval of a spot Bit­coin exchange-trad­ed fund is unlike­ly in the near future.

Last March, VanEck filed for a Bit­coin exchange-trad­ed fund that could track the price of Bit­coin direct­ly. How­ev­er, the U.S. Secu­ri­ties and Exchange Com­mis­sion shot down the pro­pos­al in Novem­ber, cit­ing con­cerns about reg­u­la­to­ry uncer­tain­ty and mar­ket manipulation. 

Pri­or to that, the reg­u­la­tor green­lit sev­er­al futures-based Bit­coin ETFs, giv­ing the mar­ket a short-term boost. How­ev­er, it has so far refused to approve an ETF that will direct­ly invest in the largest cryptocurrency. 

Grayscale, the largest cryp­to asset man­ag­er, has been very vocal about the SEC’s reluc­tance to allow it to cov­er its flag­ship fund into a spot ETF. The com­pa­ny indi­cat­ed that it could take the reg­u­la­tor to court over its refusal to approve such a prod­uct. As report­ed by U.Today, it also recent­ly announced a big ad cam­paign to sup­port its cause.

In March, van Eck com­plained that a spot Bit­coin ETF was being “held hostage” by the SEC dur­ing an appear­ance on a pod­cast host­ed by cryp­tocur­ren­cy evan­ge­list Anthol­o­gy Pom­pli­ano. He believes that the for­mi­da­ble reg­u­la­tor is wait­ing to get juris­dic­tion over the cryp­to mar­ket, which is some­thing that they don’t have as of now. 

The exec­u­tive also com­plained that the reg­u­la­to­ry dia­logue about cryp­to was not very healthy, point­ing to the fact that there’s plen­ty of diverg­ing views on stablecoins. 

In a Barron’s piece pub­lished in Feb­ru­ary, van Eck argues that sta­ble­coins are more like funds than banks. 

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