The U.S. Securities and Exchange Commission (SEC) has accepted VanEck’s application for a Bitcoin Exchange Traded Fund (ETF). The commission now has 45 days to approve or deny the application.
The SEC has accepted the Form 19‑b filed by VanEck regarding its plan to launch a Bitcoin ETF. The commission confirmed the application last Monday and officially opened the 45‑day review period to reach an initial decision on the proposal.
During the first 45‑day review window, the SEC must approve, deny, or extend its review of the filing. The commission may extend its decision for up to 240 days. VanEck submitted its Bitcoin ETF application to the regulator earlier this year.
VanEck has filed multiple ETF proposals in the past, all of which were previously rejected by the SEC. Regulators cited concerns such as market manipulation and other issues when denying previous Bitcoin ETF applications.
The crypto community is increasingly optimistic that the United States may finally approve a Bitcoin ETF. This optimism is partly driven by the prospect of a more crypto-friendly stance under new SEC leadership; Gary Gensler, who previously led the Commodity Futures Trading Commission (CFTC) and taught blockchain technology at MIT, has been mentioned in connection with the commission’s future direction.
Canada became the first North American country to approve a Bitcoin ETF. After the Purpose Bitcoin ETF received approval, Canada authorized two additional Bitcoin ETFs, and more approvals could follow in the coming months.
If the SEC approves VanEck’s application, it would result in the first U.S. Bitcoin ETF. VanEck filed through the Cboe BZX Exchange, which earlier this month published its Form 19‑b. Once that filing appears in the Federal Register, the public will have 21 days to submit comments on the ETF through the SEC’s portal.
In addition to VanEck, other issuers such as WisdomTree and Valkyrie have filed Bitcoin ETF proposals this year. These firms argue that Bitcoin ETFs could become a prominent investment vehicle similar to futures, driven by strong institutional demand for such products.
Institutional investment in Bitcoin and other cryptocurrencies continues to grow, as many investors view leading digital currencies as a potential hedge against inflation.