VanEck CEO: No Bitcoin-Spot ETF in US Anytime Soon

VanEck CEO: No Bitcoin-Spot ETF in US Anytime Soon

Learn why VanEck’s CEO Jan Van Eck said there is no chance of a Bitcoin-spot ETF launching in the US in the near future, even if the SEC fails to secure a win in the legal dispute against Grayscale, and why the SEC and other regulators have been cautious in approving Bitcoin-spot ETFs.

Exchange-Traded Funds (ETFs) have experienced a remarkable surge in popularity in recent years, attracting a broad range of investors seeking exposure to diversified portfolios of assets. Although while traditional stock investors have long enjoyed the advantages of ETFs, the cryptocurrency community has been eagerly eyeing the  capacity for Bitcoin-spot ETFs to enter the market.

Nonetheless, Jan Van Eck, CEO of the worldwide financing management company VanEck, said on May 18 there is ‘no chance’ that a Bitcoin-spot ETF will be launched in the United States in the near future, reports by a Bloomberg report. 

Van Eck added he doesn’t see this happening even if the United States Securities and Exchange Commission (SEC) fails to secure a win in the legal dispute against Grayscale, which sued the securities regulating authority for blocking its move to transform its Bitcoin (BTC) trust into an ETF.

“Even if the SEC loses the Grayscale litigation, they’ll just drag their feet. So I just do not see that in the following year and a half.” 

– stated Jan Van Eck.

The entrepreneur likewise referred to the past few filings from rival ETF corporations for launching Ether-futures-based funds, 3 of which have already been withdrawn just plenty of days after being filed. 

“The SEC will drag their feet. They have so numerous regulatory tools.” 

– he added.

Why are ETFs banned in the US?

ETFs refer to financing funds that are traded on stock exchanges, similar to individual stocks. Nonetheless, these funds are designed to track the performance of a specific index, sector, or commodity, offering investors a way to win exposure to a diversified portfolio of assets.

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Although while they are very trending in the stock market, cryptocurrency investors have likewise shown interest in Bitcoin (BTC) futures ETFs in the United States. Nonetheless, the SEC and other regulatory authorities have been it’s worth noting that cautious in approving Bitcoin-spot ETFs, citing concerns regarding investor protection and market integrity. 

Plenty of cryptocurrency corporations, including Grayscale, have filed proposals to launch spot Bitcoin (BTC) ETFs, but the regulating authority has not is still approved any. Between other things, the SEC has expressed concerns about the lack of surveillance and oversight in cryptocurrency exchanges, which could hinder their capacity to regulate ETFs according to digital currencies like Bitcoin.

Elsewhere, other jurisdictions, including Canada and Brazil, have already given the green light to Bitcoin (BTC) ETFs in 2021. Switzerland likewise approved the world’s 1st physically-backed Bitcoin (BTC) ETF a year earlier.

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