Bitcoin ETF: SEC adds the proposal supported by VanEck for approval; initial decision in 45 days

The SEC has been very active in the field of cryptocurrency, with several Bitcoin ETF proposals being submitted for approval. This has raised the optimism of many that a consensus could be reached soon and that a Bitcoin ETF may soon be available.

In January, a Bitcoin ETF jointly submitted by VanEck, SolidX and the CBOE BZX was withdrawn from the market due to the closure of the US government at that time.

According to recent reports, VanEck's proposal for a Bitcoin ETF has been resubmitted for official approval and the SEC has announced that a request from VanEck, SolidX Partners and CBOE was under review .

VanEck's lawyer Gabor Gurbacs has not commented yet. However, during the week, Mr. Gurbacs expressed his optimism with great force regarding the approval of a Bitcoin ETF. He says that ETF approval could play a big role in the cryptography industry and would be beneficial for both investors and the nascent market.

United States Securities and Exchange Commission [SEC] chose February 20 to make its initial decision regarding the ETF. This will also trigger the 45-day countdown to decide whether the ETF will be approved or rejected again. The submitted proposal will also be formally published on the SEC's registry during this period.

When the deposit is accepted, the SEC's approval process for the Bitcoin ETF begins. This would be the second Bitcoin ETF to be registered this month. A proposal from Bitwise Investment Management and NYSE Arca is also on the table for compliance.

In a recent interview with Bob Pisani of CNBC, Hunter Horsley, President and CEO of Bitwise Asset Management, expressed his optimism about the potential idea of ​​a cryptographically protected fund. Horsley explained that virtual currencies as a whole are in the "most viable" state of the market.

He added that an ETF tracking these virtual badets is inevitable, now more than ever. The CEO of Bitwise was confident that the SEC's concerns about potential market manipulation and conservation had been taken into account and that steps had been taken in the right direction.

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A graduate in engineering, Biraajmaan explores the ever-changing cryptographic verse while sharing his pbadion for writing news about cryptocurrency. He is a fan of Chelsea and a part-time poet. It does not yet have value in cryptocurrencies.