After successfully launching Bitcoin exchange-traded products in Europe, Vaneck has now submitted a new proposal for Bitcoin exchange-traded funds (ETF) to the US Securities and Exchange Commission (SEC). Under the leadership of former chairman Jay Clayton, the US Securities and Exchange Commission has never approved a Bitcoin ETF. However, Clayton has resigned, and the change may come from the incoming Biden administration.
Clayton leaves the first Bitcoin ETF archive
Vaneck, a New York-based investment management company, filed a registration statement with the US Securities and Exchange Commission (SEC) on December 30 to list and trade the Vaneck Bitcoin Trust. According to the document, the sale of the fund’s shares will begin “as soon as possible after the effective date of this registration statement.”
The document describes: “Vaneck Bitcoin Trust (“Trust”) is an exchange traded fund that issues beneficial common shares (“shares”) traded on Cboe BZX Exchange Inc. “The investment objective of this trust fund is to reflect Mvis Cryptocompare Bitcoin benchmark interest rate minus the performance of trust fund operating expenses. “
The document added that to achieve its investment goals:
The trust will hold Bitcoin and will value its shares daily based on the reported Mvis Cryptocompare Bitcoin benchmark interest rate.
This ratio is calculated based on an exchange considered by MV Index Solutions GmbH (Mvis) to represent the top five Bitcoin exchanges based on the Cryptocompare Exchange Benchmark review report. Vaneck Digital Assets is the initiator of the trust, and Delaware Trust Company is the trustee.
The filing continued: “Unless liquidation or special circumstances, the trust does not intend to directly buy and sell bitcoin, although the trustee may instruct the bitcoin custodian to sell bitcoin to pay certain fees,” the document continued. “On the contrary, when the trust sells or redeems its shares, it will conduct batch “physical” transactions based on the “trust”‘s net asset value…”
Gabor Gurbacs, Vaneck Digital Asset Strategy Director, said on Twitter:
In the United States, bringing physical Bitcoin ETFs to the market is Vaneck’s top priority. We are committed to supporting Bitcoin-centric innovation and continue to work with regulators and market participants to achieve this goal.
In November, Vaneck issued Bitcoin Exchange Traded Notes (ETN) in Europe. Gurbacs explained: “ETN is physically backed by Bitcoin and is listed on the Deutsche Böerse Xetra.”
The new Bitcoin ETF file was proposed a week after the former chairman of the US Securities and Exchange Commission Jay Clayton resigned on December 23. Under his leadership, the US Securities and Exchange Commission never approved Bitcoin. ETF. President Donald Trump has appointed Commissioner Elad L. Roisman as the acting chairman of the SEC. At the same time, Brian Brooks, the acting auditor of tokens, warned that the Biden administration may make changes. This may include some measures taken by the Office of the Inspector General of Currency (OCC).
Do you think the SEC will approve the Bitcoin ETF soon after Clayton no longer serves as chairman? Let us know in the comments section below.
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