The American asset management company VanEck has once again filed an application with the US Securities and Exchange Commission (SEC) to launch a bitcoin spot exchange-traded fund (ETF).
The fund, as before, is called VanEck Bitcoin Trust and offers investors direct investments in bitcoin. At the same time, this week the SEC has already refused Grayscale to convert the GBTC fund into a spot ETF, as well as Bitwise to launch such a fund. VanEck was last denied about 8 months ago.
The American regulator has been refusing to launch spot cryptocurrency ETFs to various companies for several years. The reasons are the same every time – the possibility of market manipulation and the difficulty of protecting investors.
However, VanEck lawyers emphasize in their filing that this did not prevent the SEC from approving the launch of spot commodity and currency markets, relying on regulated futures markets. Since bitcoin futures funds already exist, the regulator has no reason to refuse to launch spot cryptocurrency ETFs.
Also, the compilers of the application recalled that spot markets are noticeably cheaper for investors, as well as more accessible compared to futures products.
At the end of May, a similar application to launch a spot ETF for bitcoin was submitted by Ark Investment Management and 21Shares.
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