The United States Securities and Exchange Commission has put the VanEck Bitcoin ETF proposal for discussion

The United States Securities and Exchange Commission (SEC) has acknowledged VanEck bitcoin exchange-traded fund (Bitcoin ETF) application, put the proposal for discussion.

The United States Securities and Exchange Commission has put the VanEck Bitcoin ETF proposal for discussion

This has started the 45-day countdown for a response to the bitcoin ETF application. Before the end of this period, the SEC has to either approve, deny or extend the review period. Extensions can be as long as 240 days.

VanEck filed for the ETF earlier this year. The Chicago Board Options Exchange (CBOE) shortly followed, applying for approval to host VanEck’s fund. It published its completed 19-b form application on March 1.

Should the SEC approve the application, it would make this the first ETF approved in the United States.

VanEck has been pushing hard to get this approval through. For years the investment company has filed and retracted multiple applications with little success.

Canadian ETF approval a hopeful signal

Canada has already beat the United States out in becoming the first country in North America to approve an ETF. It is also the world’s first approved Bitcoin ETF.

The Purpose bitcoin ETF was approved in February 2021. Just nine days after its launch it amassed 10,064 BTC. Currently, it holds 13,783 BTC. This move and its subsequent success sparked hope that the SEC will be encouraged by this vote of approval from its northern neighbor.

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