SEC delays decision on ETF again, Vaneck, SolidX withdraw proposal

[FanEagle]

News update. First of ETF proposals withdrawn.

It appears that any derivative based on bitcoin for institutional investors was the only investment vehicle needed by VanEck, SolidX hehe.

I'm curious to know what their attitude is to a 'real' ETF. Are they introducing this kludge and withdrawing the original application to let the kludge run and have it strengthen their position when they reapply?

There's so much more potential in a proper ETF that I can't believe they'd let the idea go completely.

They aren't letting it go, just withdrawing the current application before the SEC formally rejects it. They've had plenty of closed door discussions with commission staff and they know a real ETF is nowhere near approval. VanEck's launch of an OTC trust product is all but an open admission of that.

They kinda figured out that they can already do a bit portion of it and they do not need it so they are withdrawing by the bunches. I mean they are not even getting attention on the current "only for big investors" or whatever system which means there is really no need to fight tooth and nail for something even bigger since it wouldn't make a big change.

First, they need to improve and increase the number at the current system and if that gets more attention than maybe one day they could actually pull off the whole version of it. They are basically making SECs job easier by withdrawing, that way SEC don't have to reject them . Just not even give them a date and postpone them until they withdraw, a great strategy for SEC and works perfectly so far.

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[bbc.reporter]

News update. First of ETF proposals withdrawn.

It appears that any derivative based on bitcoin for institutional investors was the only investment vehicle needed by VanEck, SolidX hehe.

I'm curious to know what their attitude is to a 'real' ETF. Are they introducing this kludge and withdrawing the original application to let the kludge run and have it strengthen their position when they reapply?

There's so much more potential in a proper ETF that I can't believe they'd let the idea go completely.

The skeptcal me speculates yes, the SEC's rejections might have forced Vaneck and SolidX expose their original plans accidentally hehehe.

[Daltonik]

You will laugh, but VanEck has filed a new application with the SEC to launch a bitcoin-based ETF. A new application for the creation of a" strategic bitcoin ETF " was submitted in accordance with the provisions of the Investment Companies Act of 1940. Previous applications were made mainly on the basis of the provisions of the 30s.

The VanEck ETF will be based on bitcoin futures and other bitcoin funds, for example, ETFs that have already been listed in Canada. VanEck will not invest directly in bitcoin and other digital assets, according to the announcement by Bloomberg senior ETF analyst Eric Balchunas.

[bbc.reporter]

@Daltonik. You really want us to laugh. You bumped this old topic instead of creating a new thread hehehehe.

In any case, VanEck’s clients must be demanding the asset manager to give them some exposure to bitcoin’s volatility. The pump must be very close hehehe. Also Tom Lee will be happy.

[OgNasty]

You will laugh, but VanEck has filed a new application with the SEC to launch a bitcoin-based ETF. A new application for the creation of a" strategic bitcoin ETF " was submitted in accordance with the provisions of the Investment Companies Act of 1940. Previous applications were made mainly on the basis of the provisions of the 30s.

The VanEck ETF will be based on bitcoin futures and other bitcoin funds, for example, ETFs that have already been listed in Canada. VanEck will not invest directly in bitcoin and other digital assets, according to the announcement by Bloomberg senior ETF analyst Eric Balchunas.

The SEC (one of their “guys” anyway) stated that they would be much more open to a Bitcoin price based on futures. This led to multiple ETF applications for funds based on futures. It seems they are much more likely to be approved given the recent comments and that’s why this is happening. I think once the SEC let’s these funds get their foot in the door, a true spot BTC ETF will become available shortly thereafter.

[Daltonik]

On November 16, trading of bitcoin ETFs based on futures traded on CME from the asset management company VanEck will begin at CBOE. The tool will receive the XBTF ticker. It will be the third in the line after similar offers from ProShares and Valkyrie Investments, which received a listing on the NYSE and Nasdaq, respectively.

https://www.cboe.com/us/equities/notices/new_listings/details/?etf=true&firm_name=VanEck&first_trade_dt=2021-11-16&ipo=true&symbols=XBTF

[Daltonik]

However, VanEck has sent an application to the SEC to launch an ETF focused on miner shares, which will include shares of companies that receive at least half of their income from activities related to cryptocurrency mining. These are, among others, suppliers of ASIC devices and developers of the corresponding software.

https://www.sec.gov/Archives/edgar/data/1137360/000113736021001091/vvtdigitalassetminingetf48.htm

[RealMalatesta]

It is really sad to see SEC dragging their feet this much on this topic. I get that they want to do it properly but the reality is that we are talking about something that is inevitable, so them postponing it for years now is not really a solution. I mean if it was something that may never happen unless someone comes up with a brilliant plan, then I would understand them waiting for it to happen for this long.

However, a few years later in the future we are going to see ETF everywhere, and we will have plenty of nations doing it as well, so USA and SEC will have to come up with a reason for postponing this much and start accepting everything after a point.

[DeathAngel]

It is really sad to see SEC dragging their feet this much on this topic. I get that they want to do it properly but the reality is that we are talking about something that is inevitable, so them postponing it for years now is not really a solution. I mean if it was something that may never happen unless someone comes up with a brilliant plan, then I would understand them waiting for it to happen for this long.

However, a few years later in the future we are going to see ETF everywhere, and we will have plenty of nations doing it as well, so USA and SEC will have to come up with a reason for postponing this much and start accepting everything after a point.

They don’t want to protect investors. It’s just an excuse, they don’t want average joe to start getting interested in buying bitcoin because they are scared as hell bitcoin is competition for the $.
Gensler even said similar yesterday.

Any way it doesn’t matter, they will have to bend their knee in the years to come or get left behind all other countries. 

[OgNasty]

It seems to me like the SEC is doing their best to try and smooth out the peaks and valleys of the Bitcoin market.  The move to introduce futures before a spot ETF appeared to me to be a move to try and put a cap on the 4-year bubble cycle.  Now they appear to be trying to line up the spot ETF approvals with the mtgox funds hitting the market.  I think they're trying to get that 200,000 BTC that will hit the market absorbed by ETF investors.  While I'd always prefer a free market without manipulation, I can understand why those in control want to minimize any damage caused by potential volatility.  I just hope the ETF hits first so we get a little bubble to play in. 

[Yaunfitda]

It seems to me like the SEC is doing their best to try and smooth out the peaks and valleys of the Bitcoin market.  The move to introduce futures before a spot ETF appeared to me to be a move to try and put a cap on the 4-year bubble cycle.  Now they appear to be trying to line up the spot ETF approvals with the mtgox funds hitting the market.  I think they're trying to get that 200,000 BTC that will hit the market absorbed by ETF investors.  While I'd always prefer a free market without manipulation, I can understand why those in control want to minimize any damage caused by potential volatility.  I just hope the ETF hits first so we get a little bubble to play in. 

Yes, and with that, I don't think we will get any approval soon, since we are already in a bear market. For sure they know that they can influence the market with they approved the ETF, so with the current state of the market, much better if they are going to delay it for years. Again, there could be argument that we don't need ETF's right?

[LFC_Bitcoin]

It seems to me like the SEC is doing their best to try and smooth out the peaks and valleys of the Bitcoin market.  The move to introduce futures before a spot ETF appeared to me to be a move to try and put a cap on the 4-year bubble cycle.  Now they appear to be trying to line up the spot ETF approvals with the mtgox funds hitting the market.  I think they're trying to get that 200,000 BTC that will hit the market absorbed by ETF investors.  While I'd always prefer a free market without manipulation, I can understand why those in control want to minimize any damage caused by potential volatility.  I just hope the ETF hits first so we get a little bubble to play in. 

Possibly, good hypothesis. I’m not sure if it’s just Gensler having his strings pulled by his masters. Big banks & corps are afraid of bitcoin, they don’t want their playground being altered by the new kids on the block. It really is ridiculous that we still don’t have a spot ETF. If America keep dragging their feet then people will just buy somewhere else. When bitcoin becomes more mainstream then the US either adapts or dies. Honeybadger will wait for no-one.

[OgNasty]

I'm pretty convinced at this point that the SEC is not going to approve a Bitcoin spot ETF until the mtgox coins are ready to hit the market.  Maybe even then, waiting until the market damage has been done.  Having 200,000+ Bitcoin worth over 7 billion dollars hanging over the market might be a deterrent for them with regards to protecting investor funds.  I think they probably underestimate that there is likely 5x that much sitting on the sidelines waiting to get in if a spot ETF were to be approved, but maybe they want to see if the market will buckle under the weight of 200K BTC hitting the auction block before giving the all clear sign.  That's the only thing that makes sense to me while trying to view the situation from their perspective.  I don't think the SEC is evil.  I think they're doing their best to try and protect people.  I just don't think they really understand crypto as a whole as much as they think they do.

[bbc.reporter]

@OgNasty. Agreed. There are people behind the SEC and also those people who control the SEC who might not want this now, however, they might want it years from now when they have filled their wallets full of bitcoins already hehe.

In any case, this has not discouraged VanEck from creating other cryptoinvestment products for their clients of institutional investors. VanEck included Tron in the basket, however. Is this a serious investment product hehehe.



Just last week, the firm’s European arm marked the launch of a new Exchange Traded Note (ETN) on the Deutsche Borse Xetra and SIX Swiss Exchange that allows investors to invest in a selected basket of the largest cryptocurrencies with the greatest liquidity. The ETN currently tracks six of the largest crypto assets, including bitcoin, Ethereum, and Solana.

As the firm continues its work to eventually make a U.S.-listed spot bitcoin ETF a reality, product innovation in Europe has continued at a torrid pace, with the firm now offering ETNs to European investors that provide exposure to the spot prices of:

Bitcoin
Ethereum
Polkadot
Solana
TRON
Avalanche, and
Polygon

Source https://www.businesswire.com/news/home/20220131005520/en/VanEck-Launches-Its-First-Multi-Token-Cryptocurrency-Fund

[asrinur]

The SEC has approved ETFs in 2021. Even bitcoin price movements throughout 2021 are influenced by one of the legal and officially traded bitcoin ETFs. With the SEC approving the ETF, the price of bitcoin continues to rise. In fact, bitcoin's 2021 price run has twice broken all-time highs. therefore, we hope that in 2022 the price of bitcoin will rise again to create a new ATH record.