Vaneck of New York has filed for seeking approval of US Securities & Exchange Commission (SEC) for rendering Bitcoin exchange-traded fund (ETF). Wishes to inculcate and manage a Bitcoin trust under the name of “Vaneck Bitcoin Trust”. Awaits approval from SEC which historically has never granted any such approval. But the earlier head of SEC has resigned and changes are expected to be made from Biden’s Administration.
Vaneck – a famous US-based investment company had sought approval from SEC. It was reported that the company had sought approval for being registered as BitcoinETF.
SEC informed that it had received the application from Vaneck on 30th December. In the application, Vaneck had intended to launch VaneckBitcoin Trust. However, the application had been pending and no approval had been given so far.
The proposed trust would be used to render exchange trading services which will also be issuing common share. These shares would be of beneficial interest which would then be traded at the platform of Cboe BZX Exchange Inc.
SEC also revealed that the proposed trust would be comprised of Bitcoins and the value of Bitcoin-based shares would be determined on daily basis. However, the values would be determined on the basis of rates determined by MvisCryptocompareBitcoin Bench. On the other hand, Mvis rates would be taken out on the basis of rates used by the top five global crypto-exchanges.
It was further informed that the proposed trust will be sponsored exclusively by Veneck Digital Assets. In addition, Delaware Trust Company would be one of the trustees of the fund. It was further clarified that the trust would not be able to buy and sell any Bitcoins on its own. However, the Trustee would be entitled to instruct Bitcoin Custodian to perform sales of Bitcoins in order to meet expenses.
Later on Vaneck’s Director, Gabor Gurbacs, said in a tweet that their utmost priority is to introduce Bitcoin ETF in the US market. He added further that his company had been committed to adopt innovation by supporting Bitcoin. He stated that the company had been work in close collaboration with the US Regulator to achieve the desired objective.
It was reported that Vaneck’s filing had come when SEC’s Jay Clayton had resigned recently from the post of Chairman. The ex-Chairman had submitted his resignation on 23rd December and was put in charge of the SEC by Trump Administration. However, in the era of Clayton, not a single company was allowed to introduce bitcoin ETF in the US market.
After his resignation, ousting President Trump had assigned Commissioner Elad L. Roisman to takeover Clayton’s charge until new Chairman is appointed. The name of the new SEC Chairman will be provided by Biden’s Administration.
On the other hand, Acting Currency Comptroller, Brian Brooks had suggested that Biden Administration would bring in massive changes.
