The Securities and Exchange Commission(SEC) delayed its approval of VanEck’s Bitcoin ETF in a Wednesday filing for a second time. Meanwhile, the CEO of VanEck urged the commission to fast-track the approval of an exchange-traded fund as customer appetite for Bitcoin ETFs grows. SEC Should Approve a Bitcoin ETF Before Its Too Late During an interview with CNBC’s ETF Edge, VanEck Associates CEO Jan van Eck asserted that the SEC needs to act promptly and approve an ETF because customers don’t have feasible alternatives to seek exposure to Bitcoin. The firm has filed for a few ETFs already. However, earlier this year, it withdrew its previous attempts and filed a fresh application, which has been pushed back twice by the SEC. While the firm awaits the commission’s final decision, it has also filed another draft prospectus for a proposed subsidiary called “Bitcoin Strategy Fund” that will invest in BTC futures contracts, exchange-traded products with exposure to the cryptocurrency, and pooled investment vehicles. Speaking on the need for a more efficient instrument that provides access to Bitcoin, van Eck said, “We really think the SEC should approve a Bitcoin ETF.” Although, he also indicated that the Chairman of the commission was not “putting it high on his agenda. It is what it is. The SEC is just not moving fast on this.” VanEck Will Keep an Eye on Global Embrace of Digital Assets In the meantime, VanEck will watch out for crypto-related banking regulations and how institutions such as State Street react to digital assets. Ric Edelman, the founder of Edelman Financial Engines, believes that these trends may be more crucial than a Bitcoin ETF itself. The investment advisor appeared in the same interview as van Eck and said that Bitcoin is “the first major new asset class in 150 years.” And he expects the asset to become a regular feature on many portfolios over the next few years but before that, an investor should understand how it works and how it fits in an “asset allocation strategy”. Edelman encourages investors to pursue other Bitcoin opportunities rather than waiting for the SEC approval of ETFs. “It’d be so much easier and simpler if there was a bitcoin ETF. That’s not here and it’s not going to be in the foreseeable near future, so you can’t continue to sit on the sidelines waiting for it because, by the time the SEC says yes to it, bitcoin might be 100,000,” he told the channel.
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