In another bullish news for the crypto market, the SEC has acknowledged form 19b-4 submitted by VanEck for a Bitcoin ETF. The commission now has 45-days to approve or reject the application.
This is not the first time that VanEck is making such an application, it’s previous attempts had been met with rejections. However, this time things could be different due to the changing market dynamics. Right now, the adoption of Bitcoin and cryptocurrencies by mainstream players is at its highest levels, with investment banks like JP Morgan, and other top organizations like Square, Microstrategy, Tesla now firmly in the game.
In the past, the SEC cited issues such as market manipulation as the reason for the rejection. However, with the avalanche of institutional players now in the game, such concerns could ease up.
Industry experts also see the possibility of a first ETF due to a change of guard at the SEC. The incoming SEC chairman Gary Gensler is pretty bullish on Bitcoin and cryptocurrencies. Gensler understands the regulatory environment, having been with the Commodity Futures Trading Commission (CFTC) in the past.
Now that VanEck has submitted the form, the SEC will publish it in the Federal Register and give the public a 21-days window period to comment. It is also noteworthy that the SEC can extend the review period by up to 240 days. If it is approved, it will be the first Bitcoin ETF in the U.S. and this could significantly impact the market trajectory.
